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NuStar Energy LP 9% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Units

Coupon will be fixed at 9% until 12/15/2022 after which is will float at 3 month Libor plus a spread of 6.88%

Ticker: NS-C

Parent Ticker: NS

OTC Grey Market Temporary Ticker: NA

Issuance Date: 11/23/2017

1st Call Date: 12/15/2022

Maturity Date: None

Shares Issued: 6,000,000

Overallotment Shares: 900,000

Coupon: 9.00%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.5625

Payment Months: MAR, JUN, SEP, DEC

Payment Day: 15

S&P Rating: B-

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: B1

Fitch Rating: NR

Egan-Jones Rating: NR