Genesis Energy, L.P. Upsizes and Prices Public Offering of Senior Notes
06 December 2024 - 9:00AM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) today announced that it has
priced a public offering of $600,000,000 in aggregate principal
amount of 8.000% senior notes due 2033 (the “notes”). The offering
of the notes was upsized from the previously announced $400,000,000
in aggregate principal amount of the notes. The price to investors
will be 100% of the principal amount of the notes. The notes will
be co-issued with our subsidiary, Genesis Energy Finance
Corporation, and initially will be guaranteed by all of our
subsidiaries, other than our unrestricted subsidiaries. We intend
to use the net proceeds from this offering (i) to purchase or
redeem up to $575 million aggregate principal amount of our
outstanding 8.0% senior notes due 2027 (or such lesser aggregate
principal amount of such notes that could be acquired with the net
cash proceeds of this offering) and (ii) for general partnership
purposes, including repaying a portion of the revolving borrowings
outstanding under our senior secured credit facility. The offering
of the notes is expected to settle on December 19, 2024, subject to
customary closing conditions.
Wells Fargo Securities LLC, SMBC Nikko, Capital One Securities,
Regions Securities LLC, RBC Capital Markets, BNP PARIBAS,
Scotiabank, BofA Securities, Fifth Third Securities, Citigroup,
Citizens Capital Markets, Truist Securities, PNC Capital Markets
LLC, and First Citizens Capital Securities are acting as joint
book-running managers for the offering and Comerica Securities is
acting as co-manager. A copy of the final prospectus supplement and
accompanying base prospectus relating to this offering, when
available, may be obtained from:
Wells Fargo Securities, LLC Attn: Transaction
Management 550 South Tryon Street Charlotte, North Carolina 28202
(704) 347 – 6967
You may also obtain these documents for free, when they are
available, by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The offer of the notes is being made only
through the prospectus supplement and accompanying base prospectus,
each of which is part of our effective shelf registration statement
on Form S-3 previously filed with the Securities and Exchange
Commission.
This press release does not constitute a notice of redemption
under the indenture governing the 8.0% senior notes due 2027.
Genesis Energy, L.P. is a diversified midstream energy master
limited partnership headquartered in Houston, Texas. Genesis’
operations include offshore pipeline transportation, soda and
sulfur services, marine transportation and onshore facilities and
transportation. Genesis’ operations are primarily located in the
Gulf Coast region of the United States, Wyoming and the Gulf of
Mexico.
This press release includes forward-looking statements as
defined under federal law. Although we believe that our
expectations are based upon reasonable assumptions, no assurance
can be given that our goals will be achieved, including statements
regarding our ability to successfully close the offering and to use
the net proceeds as indicated above. Actual results may vary
materially. We undertake no obligation to publicly update or revise
any forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20241205450837/en/
Genesis Energy, L.P. Dwayne Morley VP – Investor Relations (713)
860-2536
Genesis Energy (NYSE:GEL)
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