NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar Energy L.P. (NYSE:NS), announced today it has closed its previously announced public offering of $402.5 million principal amount of 7.625% Fixed-to-Floating Subordinated Notes due 2043, including the underwriters’ option to purchase up to an additional $52.5 million principal amount of Notes, which option was exercised in full on January 16, 2013.
NuStar intends to use the approximately $391.5 million net proceeds from the offering for general partnership purposes, including repayment of outstanding borrowings under its revolving credit facility, which NuStar Logistics may re-borrow to pay for a portion of the purchase price or growth capital in connection with the acquisition of certain assets by NuStar Logistics from TexStar Crude Oil Services, LP, TexStar Crude Oil Pipeline, LP, TexStar Midstream Utility, LP, TexStar Midstream Transport, LP, TexStar Midstream Services, LP and Frio Pipeline, LP.
Citigroup Global Markets Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated are acting as senior co-managers for the offering and BB&T Capital Markets, a division of BB&T Securities, LLC, BNP Paribas Securities Corp., Comerica Securities, Inc., Goldman, Sachs & Co., MLV & Co. LLC and PNC Capital Markets LLC are acting as co-managers for 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.
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