Buckeye Partners L.P. L.P. Units (BPL, Financial) filed Quarterly Report for the period ended 2010-06-30.
Buckeye Partners L.p. L.p. Units has a market cap of $3.37 billion; its shares were traded at around $65.46 with a P/E ratio of 19.3 and P/S ratio of 1.9. The dividend yield of Buckeye Partners L.p. L.p. Units stocks is 5.8%. Buckeye Partners L.p. L.p. Units had an annual average earning growth of 4% over the past 10 years.BPL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
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.
Adjusted EBITDA is the primary measure used by senior management to evaluate our operating results and to allocate our resources. We define EBITDA, a measure not defined under GAAP, as net income attributable to our unitholders before interest expense, income taxes and depreciation and amortization. EBITDA should not be considered an alternative to net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with GAAP. The EBITDA measure eliminates the significant level of non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses and from intangible assets recognized in business combinations. In addition, EBITDA is unaffected by our capital structure due to the elimination of interest expense and income taxes. We define Adjusted EBITDA, which is also a non-GAAP measure, as EBITDA plus: (i) non-cash deferred lease expense, which is the difference between the estimated annual land lease expense for our natural gas storage facility in the Natural Gas Storage segment to be recorded under GAAP and the actual cash to be paid for such annual land lease, and (ii) non-cash unit-based compensation expense. In addition, we have excluded the Buckeye NGL Pipeline impairment expense of $72.5 million and the reorganization expense of $28.1 million from Adjusted EBITDA in order to evaluate our results of operations on a comparative basis over multiple periods.
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Buckeye Partners L.p. L.p. Units has a market cap of $3.37 billion; its shares were traded at around $65.46 with a P/E ratio of 19.3 and P/S ratio of 1.9. The dividend yield of Buckeye Partners L.p. L.p. Units stocks is 5.8%. Buckeye Partners L.p. L.p. Units had an annual average earning growth of 4% over the past 10 years.BPL is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
We incurred $1.8 million of costs associated with the Merger during the three and six months ended June 30, 2010, of which $1.3 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.
Adjusted EBITDA is the primary measure used by senior management to evaluate our operating results and to allocate our resources. We define EBITDA, a measure not defined under GAAP, as net income attributable to our unitholders before interest expense, income taxes and depreciation and amortization. EBITDA should not be considered an alternative to net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with GAAP. The EBITDA measure eliminates the significant level of non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses and from intangible assets recognized in business combinations. In addition, EBITDA is unaffected by our capital structure due to the elimination of interest expense and income taxes. We define Adjusted EBITDA, which is also a non-GAAP measure, as EBITDA plus: (i) non-cash deferred lease expense, which is the difference between the estimated annual land lease expense for our natural gas storage facility in the Natural Gas Storage segment to be recorded under GAAP and the actual cash to be paid for such annual land lease, and (ii) non-cash unit-based compensation expense. In addition, we have excluded the Buckeye NGL Pipeline impairment expense of $72.5 million and the reorganization expense of $28.1 million from Adjusted EBITDA in order to evaluate our results of operations on a comparative basis over multiple periods.
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