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NuStar Energy unit amends, restates $1.5 billion five-year revolver
By Susanna Moon
Chicago, Oct. 31 – NuStar Energy LP’s wholly owned subsidiary NuStar Logistics, LP amended and restated its five-year revolving credit agreement Wednesday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The size of the credit agreement is $1.5 billion.
Interest on the loans will be Libor plus 112.5 basis points to 200 bps. The commitment fee ranges from 15 bps to 35 bps.
The amended agreement matures on Oct. 29, 2019.
The agreement includes the ability to borrow up to the equivalent of $250 million in euros and up to the equivalent of $250 million in British pounds sterling.
NuStar Logistics also can request an increase in lender commitments of up to $250 million for total commitments of $1.75 billion.
Letters of credit are limited to $750 million, including up to the equivalent of $25 million in euros and up to the equivalent of $25 million in British pounds sterling.
J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Mizuho Bank, Ltd., Wells Fargo Securities, LLC and PNC Capital Markets LLC are the joint bookrunners and joint lead arrangers.
SunTrust Bank and Mizuho Bank, Ltd. are the co-syndication agents; Wells Fargo Bank, NA and PNC Bank, NA are co-documentation agents.
As of Oct. 29, NuStar Logistics had $563 million of borrowings and $23 million of letters of credit outstanding under the agreement.
The agreement requires NuStar Energy to maintain a consolidated debt coverage ratio of no more than 5 times except in some circumstances.
The San Antonio-based provider of storage and transportation for petroleum products has no significant debt maturities until 2017.
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