NuStar Energy plans ABL facility, revolver for asphalt sale

By Jennifer Chiou

New York, July 6 - NuStar Energy LP and its subsidiaries entered into an agreement to sell a 50% interest in its asphalt operations to Lindsay Goldberg LLC for $175 million, and working capital for the joint venture company NuStar Asphalt LLC will come from ABL financing and an unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

The up to $250 million revolver is to be provided by NuStar Logistics, LP with a tenor of seven years.

The purchase and sale agreement is expected to be complete in the third quarter.

NuStar Logistics is a San Antonio-based provider of terminalling and storage of petroleum.

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