NuStar Energy LP

Closed the issuance of $400 million of Series D Cumulative Convertible Preferred Units representing limited partner interests in the partnership to investment funds managed by EIG Management Co. LLC and FS/EIG Advisor LLC, the advisor to FS Energy & Power Fund. The purchasers have agreed to purchase the remaining $190 million of preferred units at a second closing, scheduled to occur on July 13, 2018. In addition, the partnership has closed the issuance of $10 million of common units representing limited partner interests in the partnership to William E. Greehey. The aggregate net proceeds of approximately $566.8 million from the sale of the preferred units and common units will be used for general partnership purposes, including the repayment of debt and the funding of growth capex.