NuStar Energy L.P. (NYSE:NS) announced today it has closed its previously announced public offering of 7,130,000 common units representing limited partner interests at $48.94 per common unit, including 930,000 common units sold to the underwriters pursuant to their option to purchase additional units, which the underwriters exercised in full on September 7, 2012. In the offering, 490,000 common units were sold to William E. Greehey, the Chairman of the board of directors of NuStar GP, LLC.
Total net proceeds (before expenses) from the sale of 7,130,000 common units in the offering are approximately $337.1 million. The partnership currently intends to use the net proceeds from the offering, including the general partner's proportionate capital contribution, for general partnership purposes, including repayment of outstanding borrowings under its revolving credit facility, working capital purposes and to finance potential future acquisitions.
UBS Investment Bank, Barclays, Credit Suisse, Deutsche Bank Securities, J.P. Morgan, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers of the offering. Goldman, Sachs & Co., Raymond James, BB&T Capital Markets and Mitsubishi UFJ Securities are acting as co-managers of the offering.
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.
A copy of the prospectus supplement and the prospectus relating to this offering may be obtained from any of the underwriters, including:
UBS Investment Bank299 Park AvenueNew York, New York 10171Attn: Prospectus DepartmentTelephone: (888) 827-7275
Barclaysc/o Broadridge Financial Solutions1155 Long Island AvenueEdgewood, NY 11717Telephone: (888) 603-5847