NuStar Energy L.P. Enters into a $750 Million Unsecured Term Loan Agreement with Oaktree to Bolster Financial Flexibility
Nustar Energy L.P. Common Units (NS)
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Source: Business Wire
Announces Other Self-help Measures including 45 Percent Reduction in 2020 Strategic Capital Expenditures SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that it has entered into a $750 million unsecured term loan agreement with funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to strengthen its near-term liquidity. The three-year, 12 percent facility provides that NuStar will draw $500 million at closing and may elect to draw an additional $250 million under the facility during the first year.“Oaktree is excited for this opportunity to invest in NuStar’s continued success,” said Jared Parker, Oaktree Capital Managing Director and Co-Portfolio Manager of its energy infrastructure investment strategy. “We are happy to support their essential infrastructure assets and their solid management team.”NuStar President and CEO Brad Barron said, “We are pleased to partner with Oaktree for a facility that provides important financial flexibility to addr
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