LONG-TERM DEBT	9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	7. LONG-TERM DEBT Credit Facility In September 2016, Buckeye and its indirect wholly-owned subsidiaries, Buckeye Energy Services LLC, Buckeye West Indies Holdings LP and Buckeye Caribbean Terminals LLC, collectively the Buckeye Merchant Service Companies (“BMSC”), as borrowers, exercised their remaining option with consenting lenders to extend $1.4 billion of our existing $1.5 billion revolving credit facility with SunTrust Bank, as administrative agent, and other lenders (the “Credit Facility”) by one year to September 30, 2021. At the time of the transaction, we had $3.4 million of remaining unamortized deferred financing costs, and we incurred additional debt issuance costs of $0.7 million in connection with the extension of the Credit Facility. Term Loan In September 2016, we entered into a credit agreement with SunTrust Bank, as administrative agent, and other lenders for a $250.0 million variable-rate term loan due September 30, 2019 (the “Term Loan”), with an option to extend the term for up to two one-year periods. We incurred debt issuance costs of $0.5 million related to the Term Loan. Under the Term Loan, interest accrues at the London Interbank Offered Rate (“LIBOR”) rate or a base rate plus an applicable margin based on the election of the borrower. The applicable margin used in connection with interest rates and fees is based on the credit ratings assigned to our senior unsecured long-term debt securities. The applicable margin for LIBOR rate loans ranges from 1.0% to 1.6% and the applicable margin for base rate loans ranges from 0% to 0.6%. The Term Loan includes covenants limiting, as of the last day of each fiscal quarter, the ratio of consolidated funded debt (“Funded Debt Ratio”) to consolidated EBITDA, as defined in the Term Loan, measured for the preceding twelve months, to not more than 5.0 to 1.0. This requirement is subject to a provision for increases to 5.5 to 1.0 in connection with certain future acquisitions. The Funded Debt Ratio is calculated by dividing consolidated debt by annualized EBITDA, which is defined in the Term Loan as earnings before interest, taxes, depreciation, depletion and amortization determined on a consolidated basis. At September 30, 2016, we were in compliance with the covenants under the Term Loan. At September 30, 2016, we had $250.0 million outstanding under the Term Loan. We used the proceeds from the Term Loan to reduce the indebtedness outstanding under our Credit Facility. Current Maturities Expected to be Refinanced It is our intent to refinance the $125.0 million of 5.125% Notes maturing on July 1, 2017 using our Credit Facility. At September 30, 2016, we had $1,078.8 million of additional borrowing capacity under our Credit Facility. Therefore, we have classified these notes as long-term debt in the unaudited condensed consolidated balance sheet at September 30, 2016.

7. LONG-TERM DEBT

Credit Facility

In September 2016, Buckeye and its indirect wholly-owned subsidiaries, Buckeye Energy Services LLC, Buckeye West Indies Holdings LP and Buckeye Caribbean Terminals LLC, collectively the Buckeye Merchant Service Companies (“BMSC”), as borrowers, exercised their remaining option with consenting lenders to extend $1.4 billion of our existing $1.5 billion revolving credit facility with SunTrust Bank, as administrative agent, and other lenders (the “Credit Facility”) by one year to September 30, 2021. At the time of the transaction, we had $3.4 million of remaining unamortized deferred financing costs, and we incurred additional debt issuance costs of $0.7 million in connection with the extension of the Credit Facility.

Term Loan

In September 2016, we entered into a credit agreement with SunTrust Bank, as administrative agent, and other lenders for a $250.0 million variable-rate term loan due September 30, 2019 (the “Term Loan”), with an option to extend the term for up to two one-year periods. We incurred debt issuance costs of $0.5 million related to the Term Loan. Under the Term Loan, interest accrues at the London Interbank Offered Rate (“LIBOR”) rate or a base rate plus an applicable margin based on the election of the borrower. The applicable margin used in connection with interest rates and fees is based on the credit ratings assigned to our senior unsecured long-term debt securities. The applicable margin for LIBOR rate loans ranges from 1.0% to 1.6% and the applicable margin for base rate loans ranges from 0% to 0.6%.

The Term Loan includes covenants limiting, as of the last day of each fiscal quarter, the ratio of consolidated funded debt (“Funded Debt Ratio”) to consolidated EBITDA, as defined in the Term Loan, measured for the preceding twelve months, to not more than 5.0 to 1.0. This requirement is subject to a provision for increases to 5.5 to 1.0 in connection with certain future acquisitions. The Funded Debt Ratio is calculated by dividing consolidated debt by annualized EBITDA, which is defined in the Term Loan as earnings before interest, taxes, depreciation, depletion and amortization determined on a consolidated basis. At September 30, 2016, we were in compliance with the covenants under the Term Loan.

At September 30, 2016, we had $250.0 million outstanding under the Term Loan. We used the proceeds from the Term Loan to reduce the indebtedness outstanding under our Credit Facility.

Current Maturities Expected to be Refinanced

It is our intent to refinance the $125.0 million of 5.125% Notes maturing on July 1, 2017 using our Credit Facility. At September 30, 2016, we had $1,078.8 million of additional borrowing capacity under our Credit Facility. Therefore, we have classified these notes as long-term debt in the unaudited condensed consolidated balance sheet at September 30, 2016.