Nov 9 - NuStar Energy LP (NS.N), which operates oil pipelines, storage facilities and asphalt refineries, said it will offer 5 million units and use the net proceeds to fund potential acquisitions and capital expenditures, and repay debt.
Shares of the company dropped 5 percent to $52.13 in trading after the bell. They closed at $54.94 Monday on the New York Stock Exchange.
NuStar joins an inflated list of energy firms that have chosen equity offerings as a means to raise funds to bolster their capital budget and expansion plans. The company said it has given its underwriters, Morgan Stanley & Co Inc, UBS Securities LLC, Credit Suisse Securities (USA) LLC and Wells Fargo Securities, a 30-day option to purchase up to 750,000 additional common units.
Shares of the company dropped 5 percent to $52.13 in trading after the bell. They closed at $54.94 Monday on the New York Stock Exchange.
NuStar joins an inflated list of energy firms that have chosen equity offerings as a means to raise funds to bolster their capital budget and expansion plans. The company said it has given its underwriters, Morgan Stanley & Co Inc, UBS Securities LLC, Credit Suisse Securities (USA) LLC and Wells Fargo Securities, a 30-day option to purchase up to 750,000 additional common units.
