May 2, 2022 [Business Wire] – NuStar Energy L.P. (NYSE: NS) announced today that it has closed on the sale of its terminal in Nova Scotia, Canada to EverWind Fuels for $60 million. The 7.8 million-barrel storage terminal is located at Point Tupper on the Strait of Canso, near Port Hawkesbury, Nova Scotia.
The companies first announced this sale on February 14, 2022.
“We are pleased to close on this divestiture, as this is yet another step in our strategic plan to continue optimizing our business, building our financial flexibility and strengthening our balance sheet,” said Brad Barron, president and CEO of NuStar.
“We continue to expect to fund our spending from our internally generated cash flows in 2022, just as we did in 2021, which reflects the success of our multi-year optimization initiative,” Barron added. “By continuing to focus on optimizing our spending across our business, we are building a solid foundation that, along with these divestiture proceeds, will position NuStar for future opportunities and allow us to continue to pay down debt and improve our leverage.”
Barclays served as exclusive financial adviser to NuStar on the transaction.
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