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NuStar Energy LP | 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (NS.PRC)
Prospectus excerpt: We are offering 6,000,000 of our 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per unit (the ÙSeries C Preferred Unitsˆ). Members of the Board of Directors of NuStar GP, LLC may purchase Series C Preferred Units directly from the underwriters. Distributions on the Series C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of March, June, September and December of each year, when, as and if declared by our general partner. The initial distribution on the Series C Preferred Units offered hereby will be payable on March 15, 2018 in an amount equal to $0.65625 per Series C Preferred Unit. Distributions on the Series C Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, December 15, 2022 at a rate equal to 9.00% per annum of the stated liquidation preference. On and after December 15, 2022, distributions on the Series C Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month LIBOR plus a spread of 6.88%. Full Prospectus PDF », Secondary Prospectus PDF », NS Page »
Series: | C | Alternate symbology: | NS-C, NS-PC, NSprC | Redeemable?: | Yes | Call Date: | 12/15/2022 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 6,000,000 | Overallotment: | 900,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $25.50 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $0.50 (2.00%) | Annualized Dividend: | 3.12984 | Recent Ex-Date: | 2/29/2024 | Current Yield: | 12.27% | Original Coupon: | 9.00% | Pay Period: | Quarterly | Pay Dates: | 15-Mar, 15-Jun, 15-Sep, 15-Dec | CDx3 Compliance Rating: |
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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 Open the NS Information Page »
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