Buckeye Partners, L.P. (NYSE:BPL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On June6, 2017, Buckeye Partners, L.P. (the Partnership),
certain subsidiaries of the Partnership (collectively with the
Partnership, the Borrowers), the several banks and other
financial institutions party thereto and SunTrust Bank, in its
capacity as administrative agent (the Administrative
Agent), entered into (a)the First Amendment to Term Loan
Agreement (the Term Loan Amendment) to that certain Term
Loan Agreement, dated as of September30, 2016 by and among the
Partnership, the banks and financial institutions party thereto
and the Administrative Agent (as amended, supplemented or
modified from time to time, the Term Loan Agreement) and
(b)the Third Amendment to Revolving Credit Agreement (the
Revolver Amendment and together with the Term Loan
Amendment, the Credit Agreement Amendments) to that
certain Revolving Credit Agreement by and among the Borrowers,
the banks and financial institutions party thereto and the
Administrative Agent, dated as of September30, 2014 (as amended
by that certain First Amendment to Revolving Credit Agreement,
dated as of December16, 2015 and that certain Second Amendment to
Revolving Credit Agreement, dated as of September30, 2016, and as
further amended, supplemented or modified from time to time, the
Revolving Agreement and together with the Term Loan
Agreement, the Credit Agreements).
The Credit Agreement Amendments amended the Credit Agreements to,
among other matters, with respect to calculating Consolidated
EBITDA and certain adjustments thereto, specify the manner in
which the Partnership may give pro forma effect to
(a)acquisitions of partial ownership interests in other persons
and (b)certain transactions consummated by joint ventures.
The above disclosure contained in this Item 1.01 does not purport
to be a complete description of the Credit Agreement Amendments
and is qualified in its entirety by reference to the Revolver
Amendment, which is filed as Exhibit10.1 hereto, and the Term
Loan Amendment, which is filed as Exhibit10.2 hereto, each of
which is incorporated herein by reference.
Item2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The information contained in Item 1.01 above is incorporated
herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
|
Exhibit Number |
|
Description |
|
10.1 |
Third Amendment to Revolving Credit Agreement dated as of |
|
|
10.2 |
First Amendment to Term Loan Agreement dated as of June6, |
About Buckeye Partners, L.P. (NYSE:BPL)
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage and marketing of liquid petroleum products. The Company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services. It is also an independent terminalling and storage operator in the United States in terms of capacity available for service. The Company’s terminal network comprises approximately 120 liquid petroleum products terminals with aggregate storage capacity of over 110 million barrels across its portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast and Gulf Coast regions of the United States and in the Caribbean. The Company’s marine terminal in The Bahamas, Bahamas Oil Refining Company International Limited (BORCO) provides an array of logistics and blending services for petroleum products.
