MI - Buckeye Partners prices $1B of new notes for private sale - March 2020Buckeye Partners, now a wholly owned business of IFM Global Infrastructure Fund, launched a private placement of $1 billion in senior notes to qualified institutional buyers. The partnership priced $500 million of 4.125% senior notes due 2025 and $500 million of 4.5% senior notes due 2028, which closed Feb. 19. Proceeds will be used to fund a tender offer of the partnership’s 4.875% notes due 2021, of which $650 million were outstanding as of the Feb. 10 launch date. Holders who...
Mar 05, 2020
CM - Free cash flow reigns in 2020 spending decisions - February 2020A little something nice: Cheniere Energy rang the NYSE opening bell on Feb. 5 to celebrate the 1,000th LNG cargo exported from its Sabine Pass and Corpus Christi terminals. In other milestones, Chevron reached 3 MMboe/d of production for the first time in its history last year, but it’s understandable if the supermajor isn’t celebrating an 80% drop in profit (PG.1). ExxonMobil had no asset writedowns in its annual results for the first time in four years, but its profit fell 31% anyway (PG.7)....
Feb 21, 2020
CM - Buckeye Partners prices $1B of new notes for private sale - February 2020Buckeye Partners, LP, now a wholly owned business of IFM Global Infrastructure Fund, launched a private placement of $1 billion aggregate principal amount of senior notes to qualified institutional buyers. The partnership priced $500 million of 4.125% senior notes due 2025 and $500 million of 4.5% senior notes due 2028, which closed Feb. 19. Proceeds will be used to fund a tender offer of the partnership’s 4.875% notes due 2021, of which $650 million were outstanding as of the Feb. 10...
Feb 21, 2020
CM - Buckeye Partners prices $1B of new notes for private sale - February 2020Buckeye Partners, LP, now a wholly owned business of IFM Global Infrastructure Fund, launched a private placement of $1 billion aggregate principal amount of senior notes to qualified institutional buyers. The partnership priced $500 million of 4.125% senior notes due 2025 and $500 million of 4.5% senior notes due 2028, which closed Feb. 19. Proceeds will be used to fund a tender offer of the partnership’s 4.875% notes due 2021, of which $650 million were outstanding as of the Feb. 10...
Feb 21, 2020
MI - Phillips 66 Partners to start full service on Gray Oak in Q2 - February 2020Phillips 66 Partners intends to spend $734 million on growth projects in 2020, a year that will include the ramp-up of the Gray Oak crude pipeline and the opening of the supertanker-capable South Texas Gateway terminal. The Gray Oak started in the final weeks of 2019, capping PSXP’s most profitable year yet. Gray Oak, which PSXP operates and owns with 42.25% interest, is currently flowing crude from West Texas to its central junction in the Eagle Ford. Full service to the Texas Gulf...
Feb 11, 2020
A&D - Magellan sells its non-Texas marine terminals to Buckeye - February 2020Magellan Midstream Partners said Jan. 21 it agreed to sell its three marine terminals not on the Texas Gulf Coast to Buckeye Partners for $250 million. The marine terminals are in New Haven, Connecticut; Wilmington, Delaware; and Marrero, Louisiana. Tulsa-based Magellan does not expect the terminals sale to have a material impact on its future financial results. The segment generated $49.6 million in revenue during 3Q19, about 8% of Magellan’s total that quarter. The partnership also...
Feb 06, 2020
CM - Magellan launches $750MM equity buyback through 2022 - January 2020Directors of Magellan Midstream Partners, LP approved a plan to repurchase up to $750 million of its common units through 2022. The partnership will buy the units from time to time through open-market purchases and negotiated transactions. Factors such as expected expansion capital needs, alternative investment opportunities, excess cash and legal and regulatory requirements, as well as market condition, would affect the timing and price paid for the repurchased units. “Magellan remains...
Jan 31, 2020
MI - Freeport LNG places Train 2 into commercial service - January 2020Freeport LNG put its second 5 mtpa liquefaction train into commercial service on Jan 17. Buckeye Partners will own a 57.6% interest in the train, which has a 20-year offtake agreement with BP. IFM’s Global Infrastructure Fund contributed the stake to Buckeye after commercial service started. The private equity firm acquired Buckeye in a $10.3 billion transaction last year. Train 2 shipped its first commissioning cargo in December, the same month Train 1 began commercial operations....
Jan 23, 2020
MI - Magellan sells all its non-Texas marine terminals to Buckeye - January 2020Magellan Midstream Partners said Jan. 21 that it agreed to sell its three marine terminals not on the Texas Gulf Coast to Buckeye Partners for $250 million. The marine terminals sold are New Haven, Connecticut; Wilmington, Delaware; and Marrero, Louisiana. Tulsa-based Magellan does not expect the terminals sale to have a material impact on its future financial results. The segment generated $49.6 million in revenue during 3Q19, about 8% of Magellan’s total that quarter. The...
Jan 23, 2020
MI - Harvest building pipeline to bring Eagle Ford crude to Ingleside - December 2019Hilcorp Energy affiliate Harvest Midstream started building a 24-mile crude pipeline and a terminal to help send Eagle Ford crude to export facilities. The Ingleside pipeline will have a final capacity of 600,000 bo/d with up to 380,000 bo/d supplied by the existing Harvest Eagle Ford pipeline systems. The 24-inch pipeline that will originate from the Harvest Midway terminal and connect to multiple crude export terminals near Ingleside, Texas, including Flint Hills Resources’ Ingleside...
Dec 04, 2019
CM - Institutional investor IFM completes $10.3B buy of Buckeye - November 2019Global institutional funds manager IFM Investors completed the acquisition of Buckeye Partners LP for an all-cash transaction with a $6.5 billion equity value. Under terms of the agreement, a subsidiary of IFM Global Infrastructure combined with Buckeye, whose limited partnership units outstanding were then converted into the right to receive $41.50 each. Enterprise value for the deal is $10.3 billion, the companies said. Buckeye’s limited partnership units were suspended from NYSE and the...
Nov 15, 2019
MI - Commissioning underway for PSXP’s Gray Oak pipeline - November 2019Phillips 66 Partners started line fill and commissioning for the 900,000 bo/d Gray Oak pipeline from the Delaware basin to Texas Gulf Coast destinations. The project is the third long-haul newbuild Permian-to-Gulf crude pipeline to enter service this year. The $2 billion, 812-mile pipeline receives Permian crude in Orla, Wink and Crane in West Texas and Eagle Ford crude from a South Texas point. PSXP owns 42.5% of the Gray Oak JV with Enbridge (32.5%) and Marathon Petroleum (25%)...
Nov 07, 2019
MI - PE firm IFM Investors completes $10.3B takeover of Buckeye - November 2019Buckeye Partners went private Nov. 1 as IFM Investors’ Global Infrastructure Fund
closed its $10.3 billion acquisition. The transaction is the first take-private of a midstream
master limited partnership, according to Enverus’ M&A Database.
Outstanding limited partner unitholders will receive $41.50 per BPL unit.
Holders of a majority of Buckeye’s outstanding limited partner units endorsed
the deal on July 31 but took until late October to secure all regulatory approvals....
Nov 07, 2019
CM - Tallgrass still thinking about $5B Blackstone buyout offer - October 2019Tallgrass Energy LP reported on Oct. 10 that it is still reviewing and evaluating an offer to be taken private by a fund managed by private equity giant Blackstone. The partnership’s independent conflicts committee is also negotiating with $40 billion Blackstone Infrastructure Partners on matters related to its offer to buy out 156 million Class A shares, comprising the remaining 55.3% of the Class A shares in Tallgrass that it did not already own, for $19.50 each. The $3.03 billion equity...
Oct 25, 2019
MI - A&D News Briefs - September 26, 2019Abu Dhabi National Oil Co. closed its acquisition of 10% of VTTI, the owner of 15 hydrocarbon storage terminals across 14 countries. ADNOC’s stake came evenly from IFM Global Infrastructure and Vitol, which both now own 45% of VTTI. Financial terms were not disclosed. US-based master limited partnership Buckeye Partners sold a 50% stake in VTTI to IFM GIF and Vitol for $975 million in a deal that closed in January, two years after buying the stake for $1.15 billion. Tennessee-based...
Sep 26, 2019