2.2.0.25falsefalse0213 - Disclosure - Debt Obligationstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010 USD ($) USD ($) / shares $Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000805022duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0bpl_DebtObligationsAbstractbplfalsenadurationDebt Obligations.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringDebt Obligations.falsefalseDebt Obligations [Abstract]3false0us-gaap_DebtDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>13. DEBT OBLIGATIONS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Long-term debt consists of the following at the dates indicated (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="60%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>BGH:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">BGH Credit Agreement (1) </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Services Company:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">3.60% ESOP Notes due March 28, 2011 </div></td> <td> </td> <td> </td> <td align="right">1,531</td> <td> </td> <td> </td> <td> </td> <td align="right">7,790</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Retirement premium </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(87</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Buckeye:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">4.625% Notes due July 15, 2013 (2) </div></td> <td> </td> <td> </td> <td align="right">300,000</td> <td> </td> <td> </td> <td> </td> <td align="right">300,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">5.300% Notes due October 15, 2014 (2) </div></td> <td> </td> <td> </td> <td align="right">275,000</td> <td> </td> <td> </td> <td> </td> <td align="right">275,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">5.125% Notes due July 1, 2017 (2) </div></td> <td> </td> <td> </td> <td align="right">125,000</td> <td> </td> <td> </td> <td> </td> <td align="right">125,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">6.050% Notes due January 15, 2018 (2) </div></td> <td> </td> <td> </td> <td align="right">300,000</td> <td> </td> <td> </td> <td> </td> <td align="right">300,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">5.500% Notes due August 15, 2019 (2) </div></td> <td> </td> <td> </td> <td align="right">275,000</td> <td> </td> <td> </td> <td> </td> <td align="right">275,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">6.750% Notes due August 15, 2033 (2) </div></td> <td> </td> <td> </td> <td align="right">150,000</td> <td> </td> <td> </td> <td> </td> <td align="right">150,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Credit Facility </div></td> <td> </td> <td> </td> <td align="right">98,000</td> <td> </td> <td> </td> <td> </td> <td align="right">78,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">BES Credit Agreement </div></td> <td> </td> <td> </td> <td align="right">284,300</td> <td> </td> <td> </td> <td> </td> <td align="right">239,800</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Total debt </div></td> <td> </td> <td> </td> <td align="right">1,808,825</td> <td> </td> <td> </td> <td> </td> <td align="right">1,750,503</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other, including unamortized discounts and fair value hedges </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,607</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,030</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Subtotal debt </div></td> <td> </td> <td> </td> <td align="right">1,805,218</td> <td> </td> <td> </td> <td> </td> <td align="right">1,746,473</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Less: current portion of long-term debt </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(285,825</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(245,978</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Total long-term debt </div></td> <td> </td> <td align="left">$</td> <td align="right">1,519,393</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,500,495</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td>On November 19, 2010, in conjunction with the Merger, the BGH Credit Agreement was terminated.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td>We make semi-annual interest payments on these notes based on the rates noted above with the principal balances outstanding to be paid on or before the due dates as shown above.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years and in total thereafter (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="50%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Years Ending</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>December 31,</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">285,825</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2012 </div></td> <td> </td> <td> </td> <td align="right">98,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2013 </div></td> <td> </td> <td> </td> <td align="right">300,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2014 </div></td> <td> </td> <td> </td> <td align="right">275,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2015 </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Thereafter </div></td> <td> </td> <td> </td> <td align="right">850,000</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total </div></td> <td> </td> <td align="left">$</td> <td align="right">1,808,825</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The fair values of our aggregate debt and credit facilities were estimated to be $1,897.5 million and $1,769.8 million at December 31, 2010 and 2009, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Notes Offerings</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On January 13, 2011, we sold $650.0 million aggregate principal amount of 4.875% Notes due 2021 (the “4.875% Notes”) in an underwritten public offering. The notes were issued at 99.62% of their principal amount. Total proceeds from this offering, after underwriters’ fees, expenses and debt issuance costs of $4.5 million, were approximately $643.0 million, and were used to fund a portion of the purchase price for our acquisition of BORCO (see Note 26 for further discussion of the BORCO acquisition). In connection with this offering, we settled a treasury lock agreement, which resulted in the receipt of a settlement of $0.5 million, which will be amortized as a reduction to interest expense over the ten-year term of the 4.875% Notes (see Note 16). </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On August 18, 2009, we sold $275.0 million aggregate principal amount of 5.500% Notes due 2019 in an underwritten public offering. The notes were issued at 99.35% of their principal amount. Total proceeds from this offering, after underwriters’ fees, expenses and debt issuance costs of $1.8 million, were approximately $271.4 million and were used to reduce amounts outstanding under our credit facility (see below) and for working capital purposes. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On January 11, 2008, we sold $300.0 million aggregate principal amount of 6.050% Notes due 2018 (the “6.050% Notes”) in an underwritten public offering. Proceeds from this offering, after underwriters’ fees and expenses, were approximately $298.0 million and were used to partially pre-fund the Lodi Gas acquisition. In connection with this debt offering, we settled two forward-starting interest rates swaps (see Note 16), which resulted in a settlement payment of $9.6 million that is being amortized as interest expense over the ten-year term of the 6.050% Notes. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Bridge Loans</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In December 2010, in connection with the proposed BORCO acquisition, we obtained a commitment from Barclays Bank and SunTrust Bank for senior unsecured bridge loans in an aggregate amount up to $595 million (or up to $775 million in the event we purchased both First Reserve’s 80% interest and Vopak’s 20% interest in FRBCH) (the “Bridge Loans”). The commitment was to expire upon the earliest to occur of the termination date as defined in the BORCO sale and purchase agreement, the consummation of the BORCO acquisition, the termination of the BORCO sale and purchase agreement or 120 days after December 18, 2010. We recognized approximately $2.0 million of commitments fees, which are included in interest and debt expense, related to the Bridge Loans. In January 2011, we terminated the Bridge Loans upon issuance of the 4.875% Notes. See Note 26 for further information. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>BGH</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     BGH had a five-year, $10.0 million unsecured revolving credit facility with SunTrust Bank, as both administrative agent and lender (the “BGH Credit Agreement”). The BGH Credit Agreement may have been used for working capital and other partnership purposes. BGH had pledged all of the limited liability company interests in Buckeye GP as security for its obligations under the BGH Credit Agreement. Borrowings under the BGH Credit Agreement bore interest under one of two rate options, selected by BGH, equal to either (i) the greater of (a) the federal funds rate plus 0.5% and (b) SunTrust Bank’s prime commercial lending rate; or (ii) the London Interbank Offered Rate (“LIBOR”), plus a margin which could have ranged from 0.40% to 1.40%, based on the ratings assigned by Standard & Poor’s Rating Services and Moody’s Investor Service to its senior unsecured non-credit enhanced long-term debt. BGH did not have amounts outstanding under the BGH Credit Agreement at December 31, 2009. The BGH Credit Agreement was terminated under the terms of the Merger Agreement. See Note 1 for further information regarding the Merger. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Services Company ESOP Notes</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Services Company had total debt outstanding of $1.5 million and $7.7 million at December 31, 2010 and 2009, respectively, consisting of 3.60% Senior Secured Notes (the “3.60% ESOP Notes”) due March 28, 2011 payable by the ESOP to a third-party lender. The 3.60% ESOP Notes were issued on May 4, 2004. The 3.60% ESOP Notes are collateralized by Services Company’s common stock and are guaranteed by Services Company. In addition, we have committed that, in the event that the value of our LP Units owned by Services Company falls below 125% of the balance payable under the 3.60% ESOP Notes, we will fund an escrow account with sufficient assets to bring the value of the total collateral (the value of our LP Units owned by Services Company and the escrow account) up to the 125% minimum. Amounts deposited in the escrow account are returned to us when the value of our LP Units owned by Services Company’s returns to an amount that exceeds the 125% minimum. At December 31, 2010, the value of our LP Units owned by Services Company was approximately $100.3 million, which exceeded the 125% requirement. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Credit Facility</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We have a borrowing capacity of $580.0 million under an unsecured revolving credit agreement (the “Credit Facility”) with SunTrust Bank, as administrative agent, which may be expanded up to $780.0 million subject to certain conditions and upon the further approval of the lenders. The Credit Facility’s maturity date is August 24, 2012, which we may extend for up to two additional one-year periods. Borrowings under the Credit Facility bear interest under one of two rate options, selected by us, equal to either (i) the greater of (a) the federal funds rate plus 0.5% and (b) SunTrust Bank’s prime rate plus an applicable margin, or (ii) LIBOR plus an applicable margin. The applicable margin is determined based on the current utilization level of the Credit Facility and ratings assigned by Standard & Poor’s Rating Services and Moody’s Investor Service for our senior unsecured non-credit enhanced long-term debt. At December 31, 2010 and 2009, $98.0 million and $78.0 million, respectively, were outstanding under the Credit Facility. The weighted average interest rate for borrowings outstanding under the Credit Facility was 0.6% at December 31, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Credit Facility requires us to maintain a specified ratio (the “Funded Debt Ratio”) of no greater than 5.00 to 1.00 subject to a provision that allows for increases to 5.50 to 1.00 in connection with certain future acquisitions. The Funded Debt Ratio is calculated by dividing consolidated debt by annualized EBITDA, which is defined in the Credit Facility as earnings before interest, taxes, depreciation, depletion and amortization, in each case excluding the income of certain of our majority-owned subsidiaries and equity investments (but including distributions from those majority-owned subsidiaries and equity investments). At December 31, 2010, our Funded Debt Ratio was approximately 3.9 to 1.00. As permitted by the Credit Facility, the $284.3 million of borrowings by BES under its separate credit agreement (discussed below) was excluded from the calculation of the Funded Debt Ratio. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In addition, the Credit Facility contains other covenants including, but not limited to, covenants limiting our ability to incur additional indebtedness, to create or incur liens on our property, to dispose of property material to our operations, and to consolidate, merge or transfer assets. At December 31, 2010, we were not aware of any instances of noncompliance with the covenants under our Credit Facility. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On August 21, 2009, Buckeye Energy Holdings LLC (“BEH”), our wholly owned subsidiary, bought the outstanding loans and commitments of Aurora Bank FSB (formerly Lehman Brother Bank, FSB), a lender under the Credit Facility, through a sale and assignment agreement. Concurrent with this transaction, we repaid the $213.5 million outstanding balance of the Credit Facility, plus accrued interest and fees. The Credit Facility was subsequently amended to remove BEH as a lender by terminating its commitment in full, thus reducing the borrowing capacity of the Credit Facility from $600.0 million to $580.0 million and the expansion option amount from $800.0 million to $780.0 million. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     At December 31, 2010 and 2009, we had committed $1.4 million in support of letters of credit. The obligations for letters of credit are not reflected as debt on our consolidated balance sheets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>BES Credit Agreement</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     BES had a credit agreement (the “BES Credit Agreement”) that provided for borrowings of up to $250.0 million with a maturity date of May 20, 2011. On June 25, 2010, BES amended and restated the BES Credit Agreement to increase the total commitments for borrowings available to BES up to $500.0 million and extend the maturity date to June 25, 2013. However, the maximum amount available to be borrowed under the amended and restated BES Credit Agreement is initially limited to $350.0 million. An accordion feature provides BES the ability to increase the commitments under the BES Credit Agreement to $500.0 million, subject to obtaining the requisite lender commitments and satisfying other customary conditions. In addition to the accordion, subject to BES’s satisfaction of certain financial covenants as set forth in the financial covenants table below, BES may, from time to time, elect to increase or decrease the maximum amount available for borrowing under the BES Credit Agreement in $5.0 million increments, but in no event below $150.0 million or above $500.0 million. BES incurred $3.3 million of debt issuance costs related to the amendment, which is being amortized into interest expense over the term of the BES Credit Agreement. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Under the BES Credit Agreement, borrowings accrue interest under one of three rate options, at BES’s election, equal to (i) the Administrative Agent’s Cost of Funds (as defined in the BES Credit Agreement) plus 2.25%, (ii) the Eurodollar Rate (as defined in the BES Credit Agreement) plus 2.25% or (iii) the Prime Rate (as defined in the BES Credit Agreement) plus 1.25%. The BES Credit Agreement also permits Daylight Overdraft Loans (as defined in the BES Credit Agreement), Swingline Loans (as defined in the BES Credit Agreement) and letters of credit. Such alternative extensions of credit are subject to certain conditions as specified in the BES Credit Agreement. The BES Credit Agreement is secured by liens on certain assets of BES, including its inventory, cash deposits (other than certain accounts), investments and hedging accounts, receivables and intangibles. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The balances outstanding under the BES Credit Agreement were approximately $284.3 million and $239.8 million at December 31, 2010 and 2009, respectively, both of which were classified as current liabilities in our consolidated balance sheets due to the borrowing terms set forth in the BES Credit Agreement. The BES Credit Agreement requires BES to meet certain financial covenants, which are defined in the BES Credit Agreement and summarized below (in millions, except for the leverage ratio): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="70%">  <tr valign="bottom"> <td width="64%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="7%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left">         <b>Borrowings</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Minimum</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Minimum</b></td> <td> </td> <td nowrap="nowrap" align="center"><b>Maximum</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left">       <b>outstanding on</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Consolidated Tangible</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Consolidated Net</b></td> <td> </td> <td nowrap="nowrap" align="center"><b>Consolidated</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>BES Credit Agreement</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net Worth</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Working Capital</b></td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Leverage Ratio</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td valign="top"> <div style="margin-left:55px; text-indent:-15px">$150 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">40</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">30</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $150 up to $200 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">50</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">40</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $200 up to $250 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">60</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">50</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $250 up to $300 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">72</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">60</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $300 up to $350 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">84</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">70</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $350 up to $400 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">96</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">80</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $400 up to $450 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">108</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">90</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr> <tr valign="bottom"> <td valign="top"> <div style="margin-left:0px; text-indent:-0px">Above $450 up to $500 </div></td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">120</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td nowrap="nowrap" align="right" valign="top">$</td> <td align="right" valign="top">100</td> <td nowrap="nowrap" valign="top"> </td> <td> </td> <td align="center" valign="top">7.0 to 1.0</td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     At December 31, 2010, BES’s Consolidated Tangible Net Worth and Consolidated Net Working Capital were $121.3 million and $72.3 million, respectively, and the Consolidated Leverage Ratio was 3.4 to 1.0. The weighted average interest rate for borrowings outstanding under the BES Credit Agreement was 2.5% at December 31, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In addition, the BES Credit Agreement contains other covenants, including, but not limited to, covenants limiting BES’s ability to incur additional indebtedness, to create or incur certain liens on its property, to consolidate, merge or transfer its assets, to make dividends or distributions, to dispose of its property, to make investments, to modify its risk management policy, or to engage in business activities materially different from those presently conducted. At December 31, 2010, we were not aware of any instances of noncompliance with the covenants under the BES Credit Agreement. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left"> </div> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInformation about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 falsefalseDEBT OBLIGATIONS12Debt ObligationsUnKnownUnKnownUnKnownUnKnownfalsetrue