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Buckeye Partners, L.P. Message Board

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  • thumbs_up777 thumbs_up777 Apr 6, 2011 5:57 PM Flag

    Secondary coming...

    BPL has become a leading transporter of refined
    petroleum products in the U.S. The acquisitions have enhanced its strong position
    in the Northeast and Midwest, and the steady cash flow from fee-based businesses should help fund additional accretive transactions.

    In February 2011, the partnership closed
    on its $1.7 billion BORCO acquisition, which will expands its terminalling and storage business and international footprint. Also, BPL's merger with its general partner improving its liquidity position, simplifying its organizational
    structure, and lowering its cost of capital.

    A 12-month target price of $73 is based on a target yield of 5.5% on our 12-month forward
    distribution estimate of $3.995, in line with limited partner peers.

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