Buckeye GP Holdings L.P. Commences Initial Public Offering
July 26 2006 - 4:37PM
PR Newswire (US)
EMMAUS, Pa., July 26 /PRNewswire-FirstCall/ -- Buckeye GP Holdings
L.P. ("Buckeye Holdings"), which owns the general partner of
Buckeye Partners, L.P. (NYSE:BPL), announced today that it will
commence an initial public offering of 14,100,000 of its common
units. The offering is being made pursuant to a registration
statement on Form S-1 previously filed with the Securities and
Exchange Commission. This offering represents an approximate 49.8%
interest in Buckeye Holdings. The underwriters will be granted a
30-day option to purchase up to 2,115,000 additional units. Buckeye
Holdings has been authorized to list its common units on the New
York Stock Exchange under the ticker symbol "BGH." Goldman, Sachs
& Co., Citigroup Global Markets Inc. and Merrill Lynch, Pierce,
Fenner & Smith Incorporated will act as joint book-running
managers and joint-lead managers along with UBS Securities LLC. In
addition, Lehman Brothers Inc., Wachovia Capital Markets, LLC,
Deutsche Bank Securities Inc., KeyBanc Capital Markets, A Division
of McDonald Investments Inc. and RBC Capital Markets Corporation
will act as co-managers for this offering. A copy of the prospectus
relating to this offering may be obtained from: Goldman, Sachs
& Co., Attn: Prospectus Dept., 85 Broad St., New York, NY
10004, Fax: 212-902-9316 or email at ; Citigroup Global Markets
Inc., Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th
Street, 8th floor, Brooklyn, NY 11220, Phone: 718-765-6732; Merrill
Lynch & Co., 4 World Financial Center, Attn: Prospectus
Department, New York, New York 10080, Phone: 212-449-1000 or from
any of the other underwriters. A registration statement relating to
these securities has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This news release does
not constitute an offer to sell or a solicitation of an offer to
buy the securities described herein, nor shall there be any sale of
these securities in any State or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State or
jurisdiction. The offering may be made only by means of a
prospectus. About Buckeye GP Holdings L.P. Buckeye GP Holdings L.P.
is a limited partnership formed to own and control Buckeye GP, LLC,
the general partner of Buckeye Partners, L.P., through which it
will hold 243,914 GP units (representing approximately 0.6% of
Buckeye Partners, L.P.'s outstanding units) and the incentive
distribution rights in Buckeye Partners, L.P. In addition, Buckeye
GP Holdings L.P. will own, through its subsidiary MainLine L.P.,
approximately a 1% general partner interest in four subsidiary
operating partnerships of Buckeye Partners, L.P. About Buckeye
Partners, L.P. Buckeye Partners, L.P., through its operating
subsidiaries, owns and operates one of the largest independent
refined petroleum products pipeline systems in the United States in
terms of volumes delivered, with approximately 5,350 miles of
pipeline. The Partnership also owns and operates 45 refined
petroleum products terminals with an aggregate storage capacity of
approximately 17.6 million barrels in Illinois, Indiana,
Massachusetts, Michigan, Missouri, New York, Ohio and Pennsylvania,
and operates and maintains approximately 2,100 miles of pipeline
under agreements with major oil and chemical companies. For more
information about Buckeye Partners, L.P., visit the Partnership's
website at http://www.buckeye.com/. DATASOURCE: Buckeye GP Holdings
L.P. CONTACT: Stephen R. Milbourne, Manager, Investor Relations,
Buckeye GP Holdings L.P., +1-800-422-2825, Web site:
http://www.buckeye.com/
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