NuStar Energy L.P. Announces Pricing of Upsized Equity Offering of Common Units
09 August 2023 - 12:28PM
Business Wire
NuStar Energy L.P. (NYSE:NS) (the “Partnership”) announced today
the pricing of an offering of 13,000,000 common units for gross
proceeds of approximately $199.6 million. The Partnership has
granted the underwriters a 30-day option to purchase up to
1,950,000 additional common units. The offering is scheduled to
close Friday, August 11, 2023. The Partnership intends to use the
net proceeds from the offering to redeem outstanding Series D
Cumulative Convertible Preferred Units and to pay related fees and
expenses. Pending such use, the Partnership intends to repay
outstanding borrowings under its revolving credit agreement.
Barclays and Citigroup are acting as lead book-running managers
for the offering. A copy of the prospectus supplement and
accompanying base prospectus relating to this offering may be
obtained from any of the underwriters, including Barclays Capital
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue
Edgewood, NY 11717, Email: Barclaysprospectus@broadridge.com,
Telephone: 888-603-5847; and Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone:
800-831-9146. You may also obtain these documents for free when
they are available by visiting the SEC’s website at
www.sec.gov.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may
be made only by means of a prospectus and related prospectus
supplement meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
NuStar Energy L.P., a publicly traded master limited partnership
based in San Antonio, Texas, is one of the largest independent
liquids terminal and pipeline operators in the nation. The
Partnership currently has approximately 9,500 miles of pipeline and
63 terminal and storage facilities that store and distribute crude
oil, refined products, renewable fuels, ammonia and specialty
liquids. The Partnership’s combined system has approximately 49
million barrels of storage capacity, and the Partnership has
operations in the United States and Mexico.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding
future events, including the size, timing, expected use of proceeds
from the offering and results of the offering. All forward-looking
statements are based on the Partnership’s beliefs as well as
assumptions made by and information currently available to the
Partnership. These statements reflect the Partnership’s current
views with respect to future events and are subject to various
risks, uncertainties and assumptions. These risks, uncertainties
and assumptions are discussed in the Partnership’s 2022 annual
report on Form 10-K and subsequent filings with the SEC. The
Partnership undertakes no obligation to update or revise any
forward-looking statement except as may be required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230808754696/en/
Media: Mary Rose Brown 210-918-2314
maryrose.brown@nustarenergy.com
Investors: Pam Schmidt 210-918-2854
pam.schmidt@nustarenergy.com
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