NuStar Energy L.P. (NYSE:NS) announced today the pricing of an offering of 4,450,000 common units at a public offering price of $48.75 per unit. The underwriters have been granted a 30-day option to purchase up to 667,500 additional common units. All units are being sold by NuStar Energy L.P. The offering is scheduled to close Wednesday, April 2, 2008. The partnership will use the net proceeds from the offering to repay all of the $124 million of borrowings outstanding under its term credit facility and with the remainder a portion of the outstanding principal balance under its revolving credit facility.
Goldman, Sachs & Co. and Wachovia Capital Markets, LLC are acting as joint book-running managers of the offering. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and UBS Securities LLC are acting as co-managing underwriters of the offering.
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.
A copy of the prospectus supplement and the prospectus relating to this offering may be obtained from any of the underwriters, including Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, New York 10004, fax: 212-902-9316 or email: prospectus-ny@ny.email.gs.com or from Wachovia Capital Markets, LLC, Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, email: equity.syndicate@wachovia.com.
NuStar Energy L.P. is a publicly traded, limited partnership based in San Antonio, with 9,063 miles of pipeline, 86 terminal facilities, four crude oil storage tank facilities and two asphalt refineries with a combined throughput capacity of 104,000 barrels per day. One of the largest asphalt refiners and marketers in the U.S. and the third 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 86 million barrels of storage capacity, and includes two asphalt refineries, 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. 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 2007 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.