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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 24, 1997
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BUCKEYE PARTNERS, L.P.
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(Exact name of registrant specified in Charter)
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DELAWARE 1-9356 23-2432497
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(State or other (Commission (IRS Employee
jurisdiction of File Number) Identification No.)
incorporation)
3900 HAMILTON BOULEVARD 18103
ALLENTOWN, PENNSYLVANIA
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(Address of principal executive offices) Zip Code
REGISTRANT'S TELEPHONE, INCLUDING AREA CODE: (610) 770-4700
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(Former name and former address, if changed since last report)
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Item 5. Other Events.
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On June 24, 1997, the Registrant announced by press release that it
had settled the putative class action titled Shakerdge v. Martinelli,
et. al. The Registrant hereby incorporates by reference herein the
press release attached hereto as Exhibit 99.1, which is made a part of
this Item 5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits.
Exhibit No. Exhibit
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99.1 Press Release dated June 24, 1997
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Signature
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BUCKEYE PARTNERS, L.P.
By: Buckeye Management Company,
Its General Partner
By:___________________________________
Name: C. Richard Wilson
Title: President and Chief
Operating Officer
Dated: June 24, 1997
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Exhibit Index
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Exhibit No. Exhibit Page
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99.1 Press Release dated June 24, 1997
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BUCKEYE PARTNERS, L.P.
3900 HAMILTON BOULEVARD
ALLENTOWN, PENNSYLVANIA 18103
(800) 422-2825
Contact: Thomas B. Dornblaser NEWS RELEASE
Manager, Investor Relations FOR IMMEDIATE RELEASE
New York Stock Exchange (BPL) June 24, 1997
Allentown, PA June 24, 1997 . . . Buckeye Management Company, the general
partner of Buckeye Partners, L.P., today announced that the terms of the
proposed restructuring of its employee stock ownership plan ("ESOP") have been
revised as part of a settlement of class action litigation pending in the
Delaware state court.
The revised proposed transaction terms include an increase in the quarterly cash
distribution on Buckeye Partners limited partnership units ("LP Units"), from
$.75 to $.88 per LP Unit following approval of the restructuring transaction by
unitholders. Previously, the Board of Directors of the General Partner
announced its intention to increase the quarterly cash distribution to $.85 per
LP Unit. The increase in quarterly cash distribution would begin with the cash
distribution to be paid in August 1997, provided unitholders approve the ESOP
restructuring and there has been no adverse change in the Partnership's
business.
Also in connection with the litigation settlement, the ESOP restructuring terms
have been revised to reduce the maximum value of the transaction based on the
number of LP Units to be exchanged with the ESOP and to reduce the amount of
incentive compensation payable by the Partnership to the general partner at
current distribution levels.
A proxy statement describing the proposed ESOP restructuring will be distributed
shortly to unitholders of record on June 16, 1997. The proxy will solicit
unitholders' vote on the proposed ESOP restructuring at a special meeting of
unitholders to be held on August 11, 1997.
Buckeye Partners, L.P., through its subsidiary partnerships, is one of the
nation's largest independent pipeline common carriers of refined petroleum
products with nearly 3,500 miles of pipeline operating in 10 states.
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