Genesis Energy, L.P. Announces the Sale of its Soda Ash Operations
Genesis Energy, L.P. (NYSE:GEL) today announced that it has closed a transaction to sell its soda ash manufacturing and related operations (the "Alkali Business") to an indirect affiliate of WE Soda Ltd. Transaction highlights include:
The implied enterprise value of the Alkali Business is $1.425 billion, inclusive of working capital at closing;
The ORRI bonds, with approximately $390 million of remaining principal net of restricted cash, will stay in place and be an ongoing obligation of the Alkali Business; and
As a result, Genesis has received approximately $1.010 billion in cash, net of all adjustments and after the payment of anticipated transaction related fees and expenses
