Buckeye launches $2.23 billion term loan at Libor plus 225 bps

By Sara Rosenberg

New York, Jan. 25 – Buckeye Partners LP was scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $2.233 billion covenant-lite first-lien term loan (Ba1/BBB-/BB+) due November 2026 that is talked at Libor plus 225 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 275 bps with a 0% Libor floor.

Buckeye is a Houston-based owner and operator of integrated midstream assets.

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