---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-013732"
form_type: "8-K"
ticker: null
cik: "0001110805"
company_name: "NuStar Energy L.P."
filed_at: "2023-03-24T23:59:59+00:00"
generated_at: "2026-06-17T16:12:44.285285+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# NuStar completes $103M sale-leaseback of HQ; proceeds to repay revolver, repurchase preferred units

## Summary
- Sold headquarters for ~$103M cash; net proceeds ~$102.4M.
- Lease term 20 years with two 10-year renewal options; average annual base rent ~$8.2M.
- Net proceeds to repay revolving credit facility borrowings and potentially repurchase Series D preferred units.
- Tenant responsible for all operating costs under net lease structure.
- Transaction closed March 21, 2023.

## SEC filing metadata
- accession: 0001140361-23-013732
- form_type: 8-K
- cik: 0001110805
- company_name: NuStar Energy L.P.
- filed_at: 2023-03-24T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1110805/000114036123013732/0001140361-23-013732-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1110805/000114036123013732/brhc10050121_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-013732
- JSON: https://secwatch.observer/filing/0001140361-23-013732.json
- Plain text: https://secwatch.observer/filing/0001140361-23-013732.txt

## Key facts
- Debt Financings
  NuStar Energy L.P. incurred lease obligation with NS San Antonio TX Landlord, LLC maturing 20 years.
  - Instrument: lease obligation
  - Counterparty: NS San Antonio TX Landlord, LLC
  - Maturity: 20 years
  - Event: incurrence
  source text: On March 21, 2023, NuStar Logistics, L.P. (“NuStar Logistics”), a wholly owned subsidiary of NuStar Energy L.P. (“NuStar”), consummated a sale-leaseback transaction (the “Sale-Leaseback Transaction”) and entered into a lease agreement (the “Lease Agreement”) with NS San Antonio TX Landlord, LLC (“Landlord”) with respect to NuStar’s headquarters located in San Antonio, Texas (the “Property”) for a term of 20 years, with two options to extend the term for ten years each in accordance with the Lease Agreement. NuStar entered into a lease guaranty, whereby NuStar agreed to guarantee the obligations of NuStar Logistics under the Lease Agreement. Pursuant to the Lease Agreement, NuStar Logistics will pay an annual average base rent of approximately $8.2 million during the initial 20-year term.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1110805/000114036123013732/0001140361-23-013732-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.