NuStar Energy, headquartered in San Antonio, announced a new public offering of senior notes to help fund its recently announced $1.5 billion acquisition from Navigator Energy Services of pipeline and storage assets in West Texas. The deal is in addition to an announced April 11, 2017 public offering of 12.5 million common NuStar units that are valued at approximately $644.2 million. The pricing of the senior notes offering has not yet been set.
NuStar announced it would be purchasing Navigator Energy, which operates 500 miles of pipelines and one million barrels of storage in the Permian Basin oil field, for $1.5 billion. The transaction will be NuStar’s first into the Permian Basin, where some oil and gas companies have been spending upwards of $60,000 per acre.
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