Issuer:
|
NuStar Logistics, L.P.
|
Guarantors:
|
NuStar Energy L.P. and NuStar Pipeline Operating Partnership L.P. will jointly and unconditionally guarantee, on a senior, unsecured basis, payment of the principal of, premium, if any, and interest on the
notes.
|
Expected Security Ratings
(Moody’s / S&P / Fitch)*
|
Ba3 / BB- / BB-
|
Security:
|
5.750% Senior Notes due 2025
6.375% Senior Notes due 2030 |
Principal Amount:
|
2025 Notes: $600,000,000
2030 Notes: $600,000,000 |
Maturity:
|
2025 Notes: October 1, 2025
2030 Notes: October 1, 2030 |
Coupon:
|
2025 Notes: 5.750%
2030 Notes: 6.375% |
Price to Public:
|
2025 Notes: 100%
2030 Notes: 100% |
Net Proceeds to Issuer (before expenses):
|
$1,185,000,000
|
Yield to Maturity:
|
2025 Notes: 5.750%
2030 Notes: 6.375% |
Spread to Benchmark Treasury:
|
2025 Notes: T + 547bps
2030 Notes: T + 569bps |
Benchmark Treasury:
|
2025 Notes: 0.250% due August 31, 2025
2030 Notes: 0.625% due August 15, 2030 |
Benchmark Treasury Yield:
|
2025 Notes: 0.280%
2030 Notes: 0.690% |
Interest Payment Dates:
|
2025 Notes: April 1 and October 1, commencing April 1, 2021
2030 Notes: April 1 and October 1, commencing April 1, 2021 |
Make-Whole Call:
|
2025 Notes: T + 50bps
2030 Notes: T + 50bps |
Par Call:
|
2025 Notes: On or after July 1, 2025
2030 Notes: On or after April 1, 2030 |
Change of Control
|
If a Change of Control (as defined in the preliminary prospectus supplement) with respect to the Notes of any series occurs, each holder of the Notes of the applicable series may require us to repurchase all or
a portion of its Notes at a price equal to 101% of the principal amount of such series of Notes, plus any accrued and unpaid interest to, but excluding, the date of repurchase.
|
Pricing Date:
|
September 9, 2020
|
Settlement Date:
|
September 14, 2020
|
CUSIP / ISIN:
|
2025 Notes: 67059T AG0 / US67059TAG04
2030 Notes: 67059T AH8 / US67059TAH86 |
Joint Book-Running Managers:
|
Citigroup Global Markets Inc.
BofA Securities, Inc. J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
BMO Capital Markets Corp.
Barclays Capital Inc.
BBVA Securities Inc.
Mizuho Securities USA LLC
MUFG Securities Americas Inc.
PNC Capital Markets LLC
RBC Capital Markets, LLC
Scotia Capital (USA) Inc.
SMBC Nikko Securities America, Inc.
TD Securities (USA) LLC
Truist Securities, Inc.
U.S. Bancorp Investments, Inc.
|
Co-Manager:
|
Comerica Securities, Inc.
|
* |
Note: A securities rating is not a recommendation to buy, sell, or hold securities and may be subject to review, revision, suspension, reduction, or withdrawal at any time by the assigning rating agency.
|