Exhibit 99.4
Sunoco LP Announces Purchase of NuStar Preferred Units and Full Redemption
of NuStar Logistics Subordinated Notes
DALLAS, May 3, 2024 – Sunoco LP (NYSE: SUN) (“SUN” or the “Partnership”) today announced that, on June 3, 2024 (the “Redemption Date”), (a) SUN will purchase all outstanding units of (i) 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) representing limited partner interests in NuStar Energy L.P., a Delaware limited partnership and subsidiary of SUN (“NuStar”), (ii) 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) representing limited partner interests in NuStar and (iii) 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series C Preferred Units” and, collectively with the Series A Preferred Units and the Series B Preferred Units, the “Preferred Units”), representing limited partner interests in NuStar, in each case pursuant to the Eighth Amended and Restated Agreement of Limited Partnership of NuStar, dated as of July 20, 2018, as amended to date, with the final cash distribution for the Preferred Units to be paid on May 31, 2024 to holders of the Preferred Units as of the close of business on May 15, 2024 (the “Record Date”); and (b) NuStar Logistics, L.P., a Delaware limited partnership and subsidiary of SUN (“Logistics”), will redeem all of Logistics’ outstanding 7.625% Fixed-to-Floating Rate Subordinated Notes due 2043 (CUSIP No. 67059T204, the “Notes”) issued pursuant to the First Supplemental Indenture, dated as of January 22, 2023 (the “First Supplemental Indenture”), among Logistics, NuStar, NuStar Pipeline Operating Partnership L.P., a Delaware limited partnership (the “Affiliate Guarantor”), and Computershare Trust Company, N.A., as successor trustee (the “Trustee”) to Wells Fargo Bank, National Association, to the Indenture, dated as of January 22, 2013 (the “Base Indenture” and, together with the First Supplemental Indenture, the “Original Indenture”), among Logistics, NuStar and the Trustee. SUN entered into the Second Supplemental Indenture, dated as of May 3, 2024 (the “Second Supplemental Indenture” and, together with the Original Indenture, the “Indenture”), with Logistics, NuStar, the Affiliate Guarantor and the Trustee to assume the due and punctual payment of the principal of, premium, if any, and interest on the Notes, and the due and punctual performance or observance of all the other obligations under the Original Indenture to be performed or observed by Logistics.
The redemption price for the Preferred Units (the “Preferred Units Redemption Price”) will be equal to $25.00 per each Preferred Unit for the purchased Preferred Units on the Redemption Date, less any applicable tax withholding as required by law.
A final cash distribution with an amount equal to all unpaid distributions thereon from November 25, 2016 to the Redemption Date (whether or not such distributions shall have been declared), totaling $6,064,256.64, or approximately $0.6693 per each Series A Preferred Unit, will be paid on May 31, 2024 to holders of the Series A Preferred Units as of the close of business on the Record Date.
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