Buckeye acquires Vopak's interest in BORCO

Fri, Jan 14th 2011, 07:00 PM

Buckeye Partners now has 100 percent interest in the Bahamas Oil Refining Company(BORCO), with Vopak Bahamas selling its 20 percent interest in the Grand Bahama-based company.
The announcement comes a week after Buckeye Partners raised$650 million in a sale of senior secured notes to fund the$1.36 billion purchase of BORCO. The sale of Vopak's stake will be at the same proportionate price and on the same terms and conditions as those on which Buckeye has agreed to purchase an 80 percent indirect interest in BORCO.
Vopak exercised its option to sell the remaining 20 percent interest, which will partially paid for with the funds raised from the$650 million transaction by Buckeye. The U.S.-based comp ...

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