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SEC Filings
8-K
NUSTAR ENERGY L.P. filed this Form 8-K on 01/31/2019
Entire Document
 

NuStar Energy L.P. and Subsidiaries
Consolidated Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Ratio Data)
Note 4: The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement):
 
Year Ended December 31, 2018
Net income
$
205,794

Interest expense, net
186,237

Income tax expense
11,408

Depreciation and amortization expense
297,874

EBITDA
701,313

Other income (a)
(39,876
)
Equity awards (b)
10,646

Pro forma effect of dispositions (c)
(20,458
)
Material project adjustments and other items (d)
14,258

Consolidated EBITDA, as defined in the Revolving Credit Agreement
$
665,883

 
 
Total consolidated debt
$
3,143,240

NuStar Logistics' floating rate subordinated notes
(402,500
)
Proceeds held in escrow associated with the Gulf Opportunity Zone Revenue Bonds
(41,476
)
Consolidated Debt, as defined in the Revolving Credit Agreement
$
2,699,264

 
 
Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA)
4.05x

(a) Other income is excluded for purposes of calculating Consolidated EBITDA, as defined in the Revolving Credit Agreement.
(b) This adjustment represents the non-cash expense related to the vestings of equity-based awards with the issuance of our common units.
(c)
This adjustment represents the pro forma effects of the sale of our European assets as if we had completed the sale on January 1, 2018.
(d) This adjustment represents the percentage of the projected Consolidated EBITDA attributable to any Material Project and other noncash items, as defined in the Revolving Credit Agreement.