BUCKEYE GP HOLDINGS LP (BGH, Financial) filed Quarterly Report for the period ended 2010-06-30.
Buckeye Gp Holdings Lp has a market cap of $1.21 billion; its shares were traded at around $43.47 with a P/E ratio of 30.2 and P/S ratio of 0.7. The dividend yield of Buckeye Gp Holdings Lp stocks is 4%.BGH is in the portfolios of Michael Price of MFP Investors LLC, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC.
We and Buckeye incurred a total of $3.8 million of costs associated with the Merger during the three and six months ended June 30, 2010, of which $1.5 million has been paid. We charged these costs directly to partners capital.
On June 25, 2010, Buckeye Energy Services LLC (BES) amended and restated its credit agreement (the BES Credit Agreement) to increase the total commitments for borrowings available to BES up to $500.0 million. However, the maximum amount available to be borrowed under the amended and restated BES Credit Agreement is initially limited to $350.0 million. An accordion feature provides BES the ability to increase the commitments under the BES Credit Agreement to $500.0 million, subject to obtaining the requisite commitments and satisfying other customary conditions. In addition to the accordion, subject to BESs satisfaction of certain financial covenants, BES may, from time to time, elect to increase or decrease the maximum amount available for borrowing
under the BES Credit Agreement in $5.0 million increments, but in no event below $150.0 million or above $500.0 million. The maturity date of the BES Credit Agreement is June 25, 2013. BES incurred $3.2 million of debt issuance costs related to the amendment, which will be amortized into interest expense over the term of the BES Credit Agreement. See Note 10 in the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion.
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Buckeye Gp Holdings Lp has a market cap of $1.21 billion; its shares were traded at around $43.47 with a P/E ratio of 30.2 and P/S ratio of 0.7. The dividend yield of Buckeye Gp Holdings Lp stocks is 4%.BGH is in the portfolios of Michael Price of MFP Investors LLC, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The incentive distribution rights noted above entitle us to receive amounts equal to specified percentages of the incremental amount of cash distributed by Buckeye to the holders of LP Units when target distribution levels for each quarter are exceeded. The 2,573,146 LP Units originally issued to the Buckeye Pipe Line Services Company Employee Stock Ownership Plan (the ESOP) are excluded for the purpose of calculating incentive distributions. The target distribution levels begin at $0.325 and increase in steps to the highest target distribution level of $0.525 per eligible LP Unit. When Buckeye makes quarterly distributions above this level, the incentive distributions include an amount equal to 45% of the incremental cash distributed to each eligible unitholder for the quarter, or approximately 29.5% of total incremental cash distributed by Buckeye above $0.525 per LP Unit.We and Buckeye incurred a total of $3.8 million of costs associated with the Merger during the three and six months ended June 30, 2010, of which $1.5 million has been paid. We charged these costs directly to partners capital.
On June 25, 2010, Buckeye Energy Services LLC (BES) amended and restated its credit agreement (the BES Credit Agreement) to increase the total commitments for borrowings available to BES up to $500.0 million. However, the maximum amount available to be borrowed under the amended and restated BES Credit Agreement is initially limited to $350.0 million. An accordion feature provides BES the ability to increase the commitments under the BES Credit Agreement to $500.0 million, subject to obtaining the requisite commitments and satisfying other customary conditions. In addition to the accordion, subject to BESs satisfaction of certain financial covenants, BES may, from time to time, elect to increase or decrease the maximum amount available for borrowing
under the BES Credit Agreement in $5.0 million increments, but in no event below $150.0 million or above $500.0 million. The maturity date of the BES Credit Agreement is June 25, 2013. BES incurred $3.2 million of debt issuance costs related to the amendment, which will be amortized into interest expense over the term of the BES Credit Agreement. See Note 10 in the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion.
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