NuStar Energy L.P. (NYSE:NS) announced today the pricing of an offering of 2,600,000 common units at a public offering price of $57.20 per unit.  The underwriters have been granted a 30-day option to purchase up to 390,000 additional units.  All units being sold are by NuStar Energy L.P. The offering is scheduled to close Monday, November 19, 2007.  The partnership intends to use the net proceeds from the offering to repay a portion of the outstanding principal balance under its revolving credit facility.

 

Lehman Brothers Inc. and Citi are acting as joint book-running managers. Acting as co-managers for the offering are Goldman, Sachs & Co., Morgan Stanley and Co. Incorporated, UBS Securities LLC, Wachovia Capital Markets, LLC and RBC Capital Markets Corporation.

 

This press release shall 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.

 

A copy of the prospectus supplement and the prospectus relating to this offering may be obtained from any of the underwriters, including Lehman Brothers Inc., c/o Broadridge, 1155 Long Island Avenue, Edgewood, NY 11717, fax: 631-254-7410, email: qiana.smith@broadridge.com or from Citigroup Global Markets Inc., Brooklyn Army Terminal, Attn: Prospectus Delivery Department, 140 58th Street, Brooklyn, NY 11220, phone: 718-765-6732.

 

NuStar Energy L.P. is a publicly traded limited partnership based in San Antonio, with 9,113 miles of pipeline, 85 terminal facilities and four crude oil storage tank facilities.  The second largest independent liquids terminal operator in the world, NuStar has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. The partnership’s combined system has over 81 million barrels of storage capacity, and includes crude oil and refined product pipelines, refined product terminals, a petroleum and specialty liquids storage and terminaling business, as well as crude oil storage facilities. 

 

This press release includes forward-looking statements regarding future events and the future financial performance of NuStar Energy L.P. 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 2006 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

 

CONTACT: NuStar Energy L.P., San Antonio
Investors, Mark Meador, Director,
Investor Relations: 210-918-2895
or
Media, Mary Rose Brown, Senior Vice President,
Corporate Communications: 210-918-2314

 

SOURCE: NuStar Energy L.P.