Buckeye Partners, L.P. announced that it is soliciting consents (the 'Consent Solicitations') from the holders of its (i) 4.150% Notes due 2023 (the '2023 Notes'), (ii) 4.350% Notes due 2024 (the '2024 Notes') and 5.600% Notes due 2044 (the “2044 Notes”), (iii) 3.950% Notes due 2026 (the “2026 Notes”), (iv) 4.125% Notes due 2027 (the “2027 Notes”), (v) 6.750% Notes due 2033 (the “2033 Notes”) and (vi) 5.850% Notes due 2043 (the “2043 Notes” and, collectively with the 2023 Notes, 2024 Notes, 2044 Notes, 2026 Notes, 2027 Notes and 2033 Notes, the “Notes”) for the adoption of proposed amendments (the “Proposed Amendments”) to the indentures governing the Notes (the “Indentures”) to substantially conform the reporting covenant in the applicable Indenture to the reporting covenant to be contained in the indenture governing Buckeye’s 4.125% Senior Notes due 2025 and 4.500% Senior Notes due 2028, which were priced on February 11, 2020 and are expected to be issued on February 19, 2020. The Consent Solicitations are being made pursuant to a Consent Solicitation Statement, dated February 13, 2020 (as may be amended or supplemented from time to time, the “Consent Solicitation Statement”). Each Consent Solicitation was commenced and will expire at 5:00 p.m., New York City time, on February 24, 2020, unless extended by Buckeye (each such date and time, as the same may be extended, is referred to as the “Expiration Time”). Only holders of the applicable Notes as of 5:00 p.m., New York City time, on February 12, 2020 (such date and time, including as such date and time may be changed by Buckeye, from time to time, the “Record Date”) are entitled to consent to the Proposed Amendments pursuant to the applicable Consent Solicitation. The Proposed Amendments will be set forth in supplemental indentures relating to the Notes and are described in more detail in the Consent Solicitation Statement. To amend any Indenture, Buckeye must receive consents from holders (as of the Record Date) representing a majority in aggregate principal amount outstanding (not including any Notes which are owned by Buckeye or any of its affiliates) of such series of Notes (with respect to any such series, the “Requisite Consents”); provided that the indenture governing the 2024 Notes and 2044 Notes may be modified if Buckeye receives consents from holders representing a majority in aggregate principal amount outstanding (not including any Notes which are owned by Buckeye or any of its affiliates) of 2024 Notes and 2044 Notes, voting as one class, and the “Requisite Consents” related to such two series of Notes shall be such majority. With respect to each Consent Solicitation, Buckeye will, within three business days of the Expiration Time, provided that all applicable conditions to the Consent Solicitations as described in the Consent Solicitation Statement have been satisfied or waived, pay to Holders of Notes (of such series) who deliver a consent and for which the applicable Requisite Consents have been delivered and not validly revoked for the applicable series of Notes, a cash payment equal to $2.50 per $1,000 principal amount of Notes in respect of which such Consents have been validly delivered prior to the applicable Expiration Time and not validly revoked by such Holders as total consideration for such Consent (with respect to any series, the “Consent Fee,” and, collectively, the “Consent Fees”). No Consent Fees will be paid to any Holder of Notes for which series the Requisite Consents have been obtained unless such Holder delivers a consent in accordance with the terms of the Consent Solicitation Statement prior to the applicable Expiration Time. The consummation of each Consent Solicitation is conditioned on the receipt of the applicable Requisite Consents for each of the other Consent Solicitations.