Buckeye Partners sets talk for $1 billion two-part bullet notes; pricing Tuesday

By Paul A. Harris

Portland, Ore., Feb. 10 – Buckeye Partners LP set price talk in its $1 billion offering of senior notes, which are coming in two bullet tranches, according to market sources.

The deal, which was shopped by means of a Monday investor call, includes five-year notes talked to yield in the 4¼% area, tight to initial guidance in the low-to-mid 4% area, and eight-year notes talked to yield 4½% to 4¾%, tight to initial guidance in the mid-to-high 4% area.

Tranche sizes remain to be determined.

Books close at 10 a.m. ET on Tuesday, and the Rule 144A and Regulation S deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. Goldman Sachs & Co. LLC, BofA Securities Inc., CIBC World Markets Corp. and MUFG are the joint bookrunners.

NAB, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are the co-managers.

The Houston-based midstream energy services company plans to use the proceeds to refinance its existing 4 7/8% senior notes due 2021, as well as to pay debt under its revolver and for general corporate purposes.

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