NuStar GP Holdings (NSH) has completed its merger into a wholly owned subsidiary of NuStar Energy (NS). The surviving entity continues to hold 100% of the limited liability company interests in NuStar GP, the general partner of Riverwalk Logistics, the general partner of NS.

Under the terms of the merger agreement, NSH unitholders are entitled to receive 0.55 of a common unit representing a limited partner interest in NS in exchange for each NSH unit owned at the effective time of the merger. Cash will be paid to NSH unitholders in accordance with the merger agreement in lieu of any fractional units they otherwise would have been entitled to receive. 

“We are very pleased to see this transaction close,” said Brad Barron, President and Chief Executive Officer of NS and NSH. “By simplifying our corporate structure and eliminating the incentive distribution rights, we are able to lower our cost of capital and create a more efficient and transparent structure, which is a key component of a comprehensive plan to position NuStar for long-term financial strength and allow us to successfully de-lever and deliver strong, sustainable distribution coverage in the future.”

Following the closing of the merger, NuStar’s Directors are: William E. Greehey, Bradley C. Barron, J. Dan Bates, William B. Burnett, James F. (Fully) Clingman, Jr., Dan J. Hill, Jelynne LeBlanc-Burley, Robert J. Munch and W. Grady Rosier.

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23rd July 2018

23rd July 2018