SAN ANTONIO--(BUSINESS WIRE)--Apr. 12, 2017--
NuStar Energy L.P. (NYSE:NS) (the “Partnership”) announced today the
pricing of an offering of 12,500,000 common units for gross proceeds of
approximately $579 million. The Partnership has granted the underwriters
a 30-day option to purchase up to 1,875,000 additional common units. In
the offering, the Partnership expects to sell up to $15 million
aggregate purchase price of common units to William E. Greehey, Chairman
of the Board of Directors of NuStar GP, LLC. The offering is scheduled
to close Tuesday, April 18, 2017. The Partnership currently intends to
use the net proceeds from the offering, including the general partner’s
proportionate capital contribution and any exercise of the underwriters’
option to purchase additional units, to fund a portion of the purchase
price for the Partnership’s previously announced acquisition of
Navigator Energy Services, LLC and to pay related fees and expenses.
Pending such use, the Partnership intends to repay borrowings under its
revolving credit facility.
UBS Securities LLC is acting as lead book-running manager for the
offering and Mizuho Securities USA LLC is acting as a joint book-running
manager 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 UBS Securities LLC, 1285 Avenue
of the Americas, New York, New York 10019, Attention: Prospectus Dept.,
Telephone: (888) 827-7275; and Mizuho Securities USA LLC, 320 Park
Avenue, 12th Floor, New York, NY 10022, Attention: Equity Capital
Markets, Telephone: (212) 205-7600. 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, is one of the largest independent liquids terminal and
pipeline operators in the nation. The Partnership currently has
approximately 8,700 miles of pipeline and 79 terminal and storage
facilities that store and distribute crude oil, refined products and
specialty liquids. The Partnership’s combined system has approximately
95 million barrels of storage capacity, and the Partnership has
operations in the United States, Canada, Mexico, the Netherlands,
including St. Eustatius in the Caribbean, and the United Kingdom.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding future
events, including the size, timing and results of the offering and the
consummation of the acquisition. 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
2016 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170412005636/en/
Source: NuStar Energy L.P.
NuStar Energy, L.P., San Antonio
Investors, Chris Russell,
Treasurer and Vice President Investor Relations
Investor Relations:
210-918-3507
or
Media, Mary Rose Brown, Executive Vice
President and Chief Administrative Officer,
Corporate
Communications: 210-918-2314
website: http://www.nustarenergy.com