Friday, NuStar Energy L.P. (NS) closed its previously announced public offering of 5.75 million common units representing limited partner interests at $52.45 per common unit. This includes 750 thousand common units sold to the underwriters pursuant to the full exercise of the underwriters' option to purchase additional units.
Total net proceeds from the sale of 5.75 million common units in the equity offering are approximately $289 million, including the additional common units sold. The net proceeds, including the general partner's proportionate capital contribution of approximately $6.15 million, are expected to be used by NuStar Energy L.P. for general partnership purposes, including potential future acquisitions and growth capital expenditures. 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. engages in the terminalling, storage, and transportation of petroleum products in the United States, the Netherland Antilles, Canada, Mexico, the Netherlands and the United Kingdom. It operates through the three segments: Storage, Transportation, and Asphalt and Fuels Marketing.
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