NuStar borrows $500M to pay down other debt

San Antonio pipeline operator NuStar Energy LP is borrowing at least $500 million from Oaktree Capital Management LP to pay down debt.

The term loan signed with Oaktree enables NuStar (NYSE: NS) to take out up to an additional $250 million, the company told investors on April 21. The three-year loan agreement has an interest rate of 12% per year and will be used to pay down NuStar’s revolving credit agreement, as well as to make a series of senior note payments due between 2020 and 2022. The money…

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