NuStar Logistics Announces Public Offering of Hybrid Notes
NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar Energy L.P. (NYSE: NS), today announced that it plans to conduct an offering of Fixed-to-Floating Rate Subordinated Notes due 2043. NuStar intends to grant the underwriters the option to purchase additional Notes within 30 days solely to cover over-allotments.
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.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.