Buckeye Partners, L.P. announced the early tender results of its previously announced offer to purchase for cash any and all of the outstanding $650,000,000 aggregate principal amount of its 4.875% Notes due 2021. Buckeye also announced receipt of requisite consents in connection with its previously announced consent solicitation from the holders of the Notes for the adoption of the Proposed Amendments. The terms and conditions of the Tender Offer and the Consent Solicitation are described in the Offer to Purchase and Consent Solicitation Statement, dated February 10, 2020, previously distributed to holders of the Notes. Buckeye has been advised that as of 5:00 p.m., New York City time, on February 24, 2020 (such date and time, the “Early Expiration Time”), $422,161,000 aggregate principal amount of Notes, representing approximately 65.0% of the aggregate principal amount of the Notes outstanding, had been validly tendered (and not validly withdrawn) pursuant to the Tender Offer and the corresponding consents were delivered (and not validly revoked) pursuant to the Consent Solicitation. Buckeye intends to purchase all such validly tendered Notes on February 25, 2020 (the “Early Settlement Date”). The total consideration payable to holders of Notes for each $1,000 principal amount of Notes validly tendered (and not validly withdrawn) at or prior to the Early Expiration Time and purchased pursuant to the Tender Offer will be $1,020.94 (the “Total Consideration”). The Total Consideration includes an early tender payment of $30.00 per $1,000 principal amount of Notes (the “Early Tender Payment”), plus accrued and unpaid interest, up to, but excluding, the Early Settlement Date, payable only to holders of Notes who validly tendered (and did not validly withdraw) their Notes and validly delivered (and did not revoke) the related consents at or prior to the Early Expiration Time. Buckeye intends to execute a supplemental indenture (the “Supplemental Indenture”) to the indenture governing the Notes (the “Indenture”), which will, among other things, (i) eliminate substantially all of the restrictive covenants and certain events of default and related provisions contained in the Indenture and (ii) reduce the minimum required notice period for the redemption of the Notes from 30 days to three business days prior to the date fixed for redemption (collectively, the “Proposed Amendments”). Adoption of the Proposed Amendments to the Indenture requires consents of holders of a majority in aggregate principal amount of the Notes outstanding (excluding any Notes owned by Buckeye or any of its affiliates). Buckeye has obtained the requisite consents for the Proposed Amendments. Any Notes not tendered and purchased pursuant to the Tender Offer will remain outstanding and will be governed by the terms of the Indenture, as amended by the Supplemental Indenture. Holders who have not yet tendered their Notes have until 11:59 p.m., New York City time, on March 9, 2020, unless extended by Buckeye (such time and date, as it may be extended, the “Expiration Time”) to tender their Notes pursuant to the Tender Offer. Withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on February 24, 2020, and, accordingly, Notes validly tendered in the Tender Offer may no longer be withdrawn except as required by law. Holders of the Notes who validly tender (and do not validly withdraw) their Notes after the Early Expiration Time but at or prior to the Expiration Time will be entitled to receive only the Tender Offer Consideration of $990.94 per $1,000 principal amount of Notes validly tendered (and not validly withdrawn), as described in the Offer to Purchase, plus accrued and unpaid interest from and including the last interest payment date up to, but excluding, the final settlement date. Buckeye’s obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn pursuant to the Tender Offer is conditioned upon the satisfaction or, when applicable, waiver of certain conditions, which are more fully described in the Offer to Purchase. In addition, subject to applicable law, Buckeye reserves the right, in its sole discretion, to (i) extend, terminate or withdraw the Tender Offer or Consent Solicitation at any time or (ii) otherwise amend the Tender Offer or the Consent Solicitation in any respect at any time and from time to time. Buckeye further reserves the right, in its sole discretion, not to accept any tenders of Notes or deliveries of consents for any reason. Buckeye is making the Tender Offer and the Consent Solicitation only in those jurisdictions where it is legal to do so.