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CREDIT FACILITY
12 Months Ended
Dec. 31, 2016
Line of Credit Facility [Abstract]  
CREDIT FACILITY
CREDIT FACILITY

Our revolving credit facility dated June 28, 2013 currently has a borrowing capacity of up to $50.0 million, of which up to $10.0 million may be available for letters of credit. We amended this facility on June 16, 2016 to, among other things, extend its maturity to June 27, 2017. Our obligations under our revolving credit facility are guaranteed by Riverwalk Holdings, LLC (Riverwalk), our wholly owned subsidiary. Riverwalk has pledged a total of 2,107,918 NuStar Energy common units that it owns to secure its guarantee. Borrowings under our revolving credit facility are used to fund capital contributions to NuStar Energy to maintain our 2% general partner interest when NuStar Energy issues additional common units and to meet other liquidity and capital resource requirements.

As of December 31, 2016, we had outstanding borrowings of $30.0 million and availability of $20.0 million for borrowings under our revolving credit facility. Interest on our revolving credit facility is based upon, at our option, either an alternative base rate or a LIBOR-based rate. The weighted-average interest rates related to borrowings under our revolving credit facility as of December 31, 2016 and 2015 were 2.8% and 2.4%, respectively. As of December 31, 2016 and 2015, unamortized deferred debt costs associated with our revolving credit agreement totaled $0.1 million and $0.1 million, respectively, and are included in “Prepaid expenses and other current assets” on our consolidated balance sheets.

The revolving credit facility contains customary restrictive covenants, such as limitations on indebtedness, liens, dispositions of material property, mergers, asset transfers and certain investing activities. In addition, the revolving credit facility requires NuStar Energy to maintain, as of the end of each rolling period of four consecutive fiscal quarters, a consolidated debt coverage ratio (as defined in our revolving credit agreement) not to exceed 5.00-to-1.00. If NuStar Energy consummates an acquisition for an aggregate net consideration of at least $50.0 million, its maximum consolidated debt coverage ratio will increase to 5.50-to-1.00 for two rolling periods. As of December 31, 2016, the maximum allowed amount was 5.50-to-1.00, as a result of the Martin Terminal Acquisition. We are also required to receive cash distributions each fiscal quarter of at least $16.0 million in respect of our ownership interests in NuStar Energy. Our management believes that we are in compliance with the covenants of our revolving credit facility as of December 31, 2016.