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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Tuesday, March 21, 3:45 PM

Slide #254. NuStar Energy L.P. Preferred Stock Offering

Company: NuStar Energy L.P. (NYSE:NS)
Date announced: 4/25/2017
Shares Offered: 14,000,000
Date of Pricing: 4/25/2017
Price Per Share: $25.00
Preferred Stock Offering Details: NuStar Energy L.P. (NYSE:NS) ("NuStar" or the "Partnership") announced today that it has priced an underwritten public offering of 14,000,000 of its 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Preferred Units") at a price of $25.00 per unit. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 1,400,000 Preferred Units from the Partnership at the public offering price less the underwriting discount. Distributions on the Preferred Units will be payable from and including the date of original issue to, but not including, June 15, 2022, at a rate of 7.625% per annum of the stated liquidation preference of $25.00. On and after June 15, 2022, distributions on the Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of three-month LIBOR plus a spread of 5.643%. The offering is expected to close on or about April 28, 2017, subject to customary closing conditions.

NuStar Energy is engaged in the transportation of petroleum products and anhydrous ammonia, and the terminalling, storage and marketing of petroleum products. Co.'s business segments are: pipeline, storage and fuels marketing. Co.'s pipeline operations consist of the transportation of refined products, crude oil and anhydrous ammonia. Co.'s storage segment consists of facilities that provide storage, handling and other services for petroleum products, crude oil, specialty chemicals and other liquids. Co.'s fuels marketing segment includes its bunkering operations in the Gulf Coast, as well as certain of its blending operations associated with its Central East System.

Preferreds: NS.PRA, NS.PRB, NS.PRC

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Name:  NuStar Energy LP
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding NS:  5 (see which ones)
Total Market Value Held by ETFs:  $10,736,440
Total Market Capitalization:  $1,664,000,000
% of Market Cap. Held by ETFs:  0.65%

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