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PENN CENTRAL TO PUBLICLY OFFER BUCKEYE UNITS

 ALLENTOWN, Pa., May 4 /PRNewswire/ -- Buckeye Management Company, general partner of Buckeye Partners, L.P. (NYSE: BPL), today announced that Buckeye Partners, L.P., has filed a registration statement with the Securities and Exchange Commission relating to a proposed underwritten public offering of 2,308,900 limited partnership units (LP Units). All of the LP Units proposed to be offered, approximately 19 percent of Buckeye's outstanding LP Units, are being sold by The Penn Central Corporation (NYSE: PC). Buckeye will not receive any of the proceeds of the offering. Penn Central will continue to own Buckeye Management Company, the sole general partner of Buckeye, after the offering, and no change in management, control or operations of the General Partner is presently contemplated. Lehman Brothers will manage the offering.
 In separately announcing the proposed offering, Penn Central stated that its decision to offer the Buckeye LP Units was in accord with Penn Central's strategy of pursuing the divestiture of businesses that do not fit into its property and casualty insurance focus and was consistent with its strategy for utilizing its federal tax loss carryovers.
 Buckeye Partners, L.P., through its subsidiary entities, is one of the nation's largest independent pipeline common carriers of refined petroleum products with nearly 3,800 miles of pipeline operating in 11 states.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of a preliminary prospectus relating to these securities will be obtainable in the near future from Lehman Brothers.
 -0- 5/4/93
 /CONTACT: Thomas B. Dornblaser, manager, investor relations, Buckeye Partners, L.P., 800-422-2825/
 (BPL PC)


CO: Buckeye Partners, L.P.; The Penn Central Corporation ST: Pennsylvania, Ohio IN: OIL SU: OFR

AR -- CL012 -- 4404 05/04/93 14:21 EDT
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Publication:PR Newswire
Date:May 4, 1993
Words:375
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