SAN ANTONIO--(BUSINESS WIRE)--Jan. 14, 2013--
NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar
Energy L.P. (NYSE: NS), today announced that it has priced $350 million
principal amount of 7.625% Fixed-to-Floating Rate Subordinated Notes due
2043. The settlement date for the offering is expected to be January 22,
2013, subject to customary closing conditions. NuStar Logistics granted
the underwriters the option to purchase up to an additional $52.5
million principal amount of Notes within 30 days solely to cover
over-allotments.
NuStar expects to receive aggregate net proceeds from the sale of the
Notes of approximately $340.6 million (not including the underwriters’
overallotment option). NuStar intends to use the net proceeds of the
offering for general partnership purposes, including repayment of
outstanding borrowings under NuStar Logistics’ revolving credit
facility, which it may re-borrow to pay for a portion of the purchase
price of the TexStar NGL assets or growth capital associated with the
TexStar Midstream Services LP acquisition.
Citigroup Global Markets Inc., RBC Capital Markets, LLC, UBS Securities
LLC and Wells Fargo Securities, LLC are acting as joint-booking 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.
A copy of the prospectus supplement and accompanying base prospectus
relating to this offering may be obtained from any of the underwriters,
including Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone:
(800) 831-9146; RBC Capital Markets, 200 Vesey Street, Three World
Financial Center, New York, New York 10281, Attention: Transaction
Management, telephone: (866) 375-6829; and UBS Securities, LLC, 299 Park
Avenue, New York, New York 10171, Attention: Prospectus Specialist,
telephone: (877) 827-6444, extension 561 3884 and Wells Fargo
Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North
Carolina 28262, Attention: Capital Markets Client Support, telephone:
(800) 326-5897. 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, limited partnership based in San
Antonio, is one of the largest independent liquids terminal and pipeline
operators in the nation. The partnership currently has 8,573 miles of
pipeline; 87 terminal and storage facilities that store and distribute
crude oil, refined products and specialty liquids; and a 50% ownership
in two asphalt refineries and a fuels refinery with a combined
throughput capacity of 104,000 barrels per day. The partnership’s
combined system has approximately 95 million barrels of storage
capacity, and NuStar has operations in the United States, Canada,
Mexico, the Netherlands, including St. Eustatius in the Caribbean, the
United Kingdom and Turkey.
This press release includes forward-looking statements regarding future
events. 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 NuStar Energy L.P.’s 2011 annual report on
Form 10-K and subsequent filings with the Securities and Exchange
Commission.
Source: NuStar Logistics, L.P.
NuStar Energy, L.P., San Antonio
Investors, Chris Russell, Vice
President
Investor Relations: 210-918-3507
or
Media, Mary
Rose Brown, Executive Vice President,
Corporate Communications:
210-918-2314
Web site: http://www.nustarenergy.com