Buckeye Partners L.P. L.P. Units (BPL, Financial) filed Annual Report for the period ended 2010-12-31.
Buckeye Partners L.p. has a market cap of $3.32 billion; its shares were traded at around $64.4 with a P/E ratio of 20.77 and P/S ratio of 1.05. The dividend yield of Buckeye Partners L.p. stocks is 6.13%. Buckeye Partners L.p. had an annual average earning growth of 4% over the past 10 years.Hedge Fund Gurus that owns BPL: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BPL: Murray Stahl of Horizon Asset Management.
On January 13, 2011, we sold $650.0 million aggregate principal amount of 4.875% Notes due 2021 (the 4.875% Notes) in an underwritten public offering. The notes were issued at 99.62% of their principal amount. Total proceeds from this offering, after underwriters fees, expenses and debt issuance costs of $4.5 million, were approximately $643.0 million, and were used to fund a portion of the purchase price for our acquisition of an indirect interest in FRBCH.
On January 18 and 19, 2011, we issued 5,794,725 LP Units and 1,314,870 Class B Units to institutional investors for aggregate consideration of approximately $425.0 million to fund a portion of the BORCO acquisition. On January 18, 2011, we issued 2,483,444 LP Units and 4,382,889 Class B Units to First Reserve as $400.0 million of consideration to fund a portion of the acquisition of an indirect interest in FRBCH. On February 16, 2011, we issued 620,861 LP Units and 1,095,722 Class B Units to Vopak as $100.0 million of consideration to fund a portion of our acquisition of Vopaks 20% interest in BORCO. The remaining purchase price was funded with cash on hand at closing and borrowings under our unsecured revolving credit agreement (Credit Facility).
In December 2010, in connection with the proposed BORCO acquisition, we obtained a commitment from Barclays Bank and SunTrust Bank for senior unsecured bridge loans in an aggregate amount up to $595 million (or up to $775 million in the event we purchased both First Reserves 80% interest and Vopaks 20% interest in FRBCH) (the Bridge Loans). The commitment was to expire upon the earliest to occur of the termination date as defined in the BORCO sale and purchase agreement, the consummation of the BORCO acquisition, the termination of the BORCO sale and purchase agreement or 120 days after December 18, 2010. In January 2011, we terminated the Bridge Loans upon issuance of the 4.875% Notes.
On June 25, 2010, 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 and extend the maturity date to June 25, 2013. 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 lender 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. BES incurred $3.3 million of debt issuance costs related to the amendment, which is being amortized into interest expense over the term of the BES Credit Agreement. See Note 13 in the Notes to Consolidated Financial Statements for further information.
On December 10, 2010, we acquired a refined petroleum products terminal in Yabucoa, Puerto Rico from an affiliate of Royal Dutch Shell plc (Shell) for $32.6 million, net of cash acquired of $3.5 million. The terminal includes 44 storage tanks with approximately 4.6 million barrels of gasoline, jet fuel, diesel, fuel oil and crude oil storage capacity. Shell entered into a commercial contract with us concurrent with the acquisition regarding usage of the acquired facility. See Note 4 in the Notes to Consolidated Financial Statements for further information.
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Buckeye Partners L.p. has a market cap of $3.32 billion; its shares were traded at around $64.4 with a P/E ratio of 20.77 and P/S ratio of 1.05. The dividend yield of Buckeye Partners L.p. stocks is 6.13%. Buckeye Partners L.p. had an annual average earning growth of 4% over the past 10 years.Hedge Fund Gurus that owns BPL: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BPL: Murray Stahl of Horizon Asset Management.
Highlight of Business Operations:
On December 18, 2010, we entered into a sale and purchase agreement with affiliates of FRC Founders Corporation (First Reserve), pursuant to which we agreed to acquire First Reserves indirect 80% interest in FR Borco Coop Holdings, L.P. (FRBCH), the indirect owner of BORCO. On January 18, 2011, we completed the purchase of First Reserves 80% interest in FRBCH for approximately $1.4 billion of cash and equity. On February 16, 2011, Vopak Bahamas B.V. (Vopak), which owned the remaining 20% interest in FRBCH, sold its interest to us at the same proportionate price and on the same terms and conditions as those in our agreement with First Reserve for approximately $340.0 million of cash and equity. In aggregate, we paid approximately $1.7 billion in a combination of cash and equity to acquire 100% of BORCO. BORCO is the fourth largest oil and petroleum products storage terminal in the world and the largest petroleum products facility in the Caribbean with current storage capacity of approximately 21.6 million barrels.On January 13, 2011, we sold $650.0 million aggregate principal amount of 4.875% Notes due 2021 (the 4.875% Notes) in an underwritten public offering. The notes were issued at 99.62% of their principal amount. Total proceeds from this offering, after underwriters fees, expenses and debt issuance costs of $4.5 million, were approximately $643.0 million, and were used to fund a portion of the purchase price for our acquisition of an indirect interest in FRBCH.
On January 18 and 19, 2011, we issued 5,794,725 LP Units and 1,314,870 Class B Units to institutional investors for aggregate consideration of approximately $425.0 million to fund a portion of the BORCO acquisition. On January 18, 2011, we issued 2,483,444 LP Units and 4,382,889 Class B Units to First Reserve as $400.0 million of consideration to fund a portion of the acquisition of an indirect interest in FRBCH. On February 16, 2011, we issued 620,861 LP Units and 1,095,722 Class B Units to Vopak as $100.0 million of consideration to fund a portion of our acquisition of Vopaks 20% interest in BORCO. The remaining purchase price was funded with cash on hand at closing and borrowings under our unsecured revolving credit agreement (Credit Facility).
In December 2010, in connection with the proposed BORCO acquisition, we obtained a commitment from Barclays Bank and SunTrust Bank for senior unsecured bridge loans in an aggregate amount up to $595 million (or up to $775 million in the event we purchased both First Reserves 80% interest and Vopaks 20% interest in FRBCH) (the Bridge Loans). The commitment was to expire upon the earliest to occur of the termination date as defined in the BORCO sale and purchase agreement, the consummation of the BORCO acquisition, the termination of the BORCO sale and purchase agreement or 120 days after December 18, 2010. In January 2011, we terminated the Bridge Loans upon issuance of the 4.875% Notes.
On June 25, 2010, 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 and extend the maturity date to June 25, 2013. 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 lender 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. BES incurred $3.3 million of debt issuance costs related to the amendment, which is being amortized into interest expense over the term of the BES Credit Agreement. See Note 13 in the Notes to Consolidated Financial Statements for further information.
On December 10, 2010, we acquired a refined petroleum products terminal in Yabucoa, Puerto Rico from an affiliate of Royal Dutch Shell plc (Shell) for $32.6 million, net of cash acquired of $3.5 million. The terminal includes 44 storage tanks with approximately 4.6 million barrels of gasoline, jet fuel, diesel, fuel oil and crude oil storage capacity. Shell entered into a commercial contract with us concurrent with the acquisition regarding usage of the acquired facility. See Note 4 in the Notes to Consolidated Financial Statements for further information.
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