Buckeye Partners, L.P. announced that it has priced an offering of $400.0 million aggregate principal amount of 6.375% junior subordinated notes due 2078 at 99.474% of par. The notes will bear interest at a fixed rate of 6.375% per year from the date they are issued up to, but not including, January 22, 2023 or an earlier redemption date. The notes will bear interest from, and including, January 22, 2023 up to, but not including, the maturity date at a floating rate based on the Three-Month LIBOR Rate plus 402 basis points, reset quarterly. Buckeye expects the offering to close on January 22, 2018, subject to the satisfaction of customary closing conditions. Buckeye expects to receive net proceeds after deducting the underwriting discount and offering expenses in connection with the offering of approximately $394.9 million. Buckeye intends to use the net proceeds from this offering in addition to the net proceeds of the offering of 4.125% senior notes due 2027 (i) to repay borrowings under its revolving credit facility and (ii) for general partnership purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital.