NuStar Energy L.P. (NS) announced the closing of its 5,750,000 common units of public offering, representing $52.45 per unit limited partner interest. Of this, 750,000 units were sold to underwriters. Total net proceeds from the public offering were $289 million Incorporatedluding the additional common units sold.
The partnership expects to use the proceeds of the public offering for general partnership purposes Incorporatedluding potential future acquisitions and growth capital expenditures. Net proceeds include the general partner’s ? NuStar GP Holdings LLC (NSH) ? proportionate capital contribution of $6.15 million. Pending the use of the proceeds for other purposes, the partnership intends to apply some or all of the net proceeds to reduce outstanding borrowings under its revolving credit facility.
NuStar Energy L.P. is a publicly traded limited partnership, with 8,417 miles of pipeline, 82 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 second largest independent liquids terminal operator in the nation, NuStar has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom.
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