Genesis Energy, L.P. Announces Early Results and Initial Settlement Date for Tender Offer for Up to $575 Million Aggregate Principal Amount of Its 8.0% Senior Notes Due 2027
19 December 2024 - 10:00PM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) today announced that receipt of
tenders for an aggregate principal amount of $877,967,000 of our
outstanding 8.0% senior notes due 2027 (the “Notes”) that we
co-issued with our subsidiary, Genesis Energy Finance Corporation
in connection with its previously announced cash tender offer (such
transaction, the “Tender Offer”) to purchase up to $575 million
aggregate principal amount outstanding of the Notes, as of 5:00
p.m., New York City time, on December 18, 2024 (the “Early Tender
Deadline”), as well as the expected initial settlement date for the
Tender Offer on December 20, 2024 (the “Initial Settlement Date”).
As of December 18, 2024, $981,245,000 aggregate principal amount of
the Notes were outstanding.
Because the purchase of all validly tendered Notes would cause
us to purchase a principal amount greater than the $575 million
Tender Cap, the Tender Offer is oversubscribed. If we accept Notes
in the Tender Offer, we will accept for purchase tendered Notes on a
prorated basis as described in the Tender Offer Documents using a
pro ration factor of approximately 66%. Payment for any Notes so
accepted will be made promptly on the Initial Settlement Date,
subject to the satisfaction or waiver of the conditions to the
Tender Offer. Because the Tender Offer is oversubscribed as of the
Early Tender Deadline, holders of Notes who validly tender Notes
after the Early Tender Deadline will not have any of their Notes
accepted for payment.
The Tender Offer is being made pursuant to the terms and
conditions of an offer to purchase, dated as of December 5, 2024,
as amended on December 5, 2024 (as may be further amended or
supplemented from time to time, the “Offer to Purchase”).
The Tender Offer will expire at 5:00 p.m., New York City time,
on January 6, 2025, unless extended or earlier terminated (such
time and date as the same may be extended, the “Expiration Time”).
The withdrawal deadline for validly tendered Notes was 5:00 p.m.,
New York City time, on December 18, 2024.
In connection with the Tender Offer, we have retained Wells
Fargo Securities, LLC as the Dealer Manager. Questions regarding
the Tender Offer should be directed to Wells Fargo Securities, LLC
by calling collect at (704) 410-4820 or toll free at (866) 309-
6316. Requests for copies of the Offer to Purchase and related
documents should be directed to D.F. King & Co., Inc., the
Tender Agent and Information Agent for the Tender Offer, at (888)
628- 9011 (toll free).
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
related to the Tender Offer. For a discussion of some of the risks
and important factors that could affect such forward-looking
statements, see the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company’s most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q, which are publicly
available on our website at https://www.genesisenergy.com/. Actual
results may vary materially. We undertake no obligation to publicly
update or revise any forward- looking statement.
About Genesis Energy, L.P.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241219826149/en/
Genesis Energy, L.P. Dwayne Morley VP – Investor Relations (713)
860-2536
Genesis Energy (NYSE:GEL)
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