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PENN CENTRAL TO PUBLICLY OFFER BUCKEYE UNITS

 CINCINNATI, May 4 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) announced that it intends to make an underwritten public offering of all of the 2,308,900 limited partnership units (LP units) of Buckeye Partners, L.P. (NYSE: BPL) now owned by Penn Central. Buckeye provides refined petroleum products pipeline transportation services primarily in the Northeast and upper Midwest. Buckeye filed a registration statement for the offering today with the Securities and Exchange Commission. Lehman Brothers will manage the offering.
 Penn Central said that the decision to offer its Buckeye LP units accords with its recently announced strategy of pursuing the divestiture of businesses that do no not fit Penn Central's property and casualty insurance focus. In addition, the offering is consistent with Penn Central's tax planning strategy for utilization of its net operating loss carryovers. Penn Central's carrying value of its Buckeye LP units as of March 31, 1993 was approximately $52.7 million, or $22.83 per unit. The closing price of Buckeye LP units on the New York Stock Exchange Composite Tape on May 3, 1993 was $34.50 per unit.
 The LP units to be offered by Penn Central constitute approximately 19 percent of the LP units outstanding. Penn Central will retain ownership of its subsidiary that serves as Buckeye's sole general partner and its 1 percent general partnership interest in Buckeye.
 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 sales 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.
 Penn Central engages primarily in specialty property and casualty insurance.
 -0- 5/4/93
 /CONTACT: Philip A. Hagel, vice president-treasurer, The Penn Central Corporation, 513-579-6600/
 (PC BPL)


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

BM -- CL011 -- 4402 05/04/93 14:20 EDT
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Publication:PR Newswire
Date:May 4, 1993
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