Genesis Energy, L.P. Upsizes And Prices Public Offering Of 7.875% Senior Unsecured Notes Due 2032 From $500M To $700M
Genesis Energy, L.P. (NYSE:GEL) today announced that it has priced a public offering of $700,000,000 in aggregate principal amount of 7.875% senior unsecured notes due 2032 (the "notes"). The offering of the notes was upsized from the previously announced $500,000,000 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 will be guaranteed, with certain exceptions, by substantially all of our existing and future subsidiaries other than our unrestricted subsidiaries. We intend to use a portion of the net proceeds from the offering of the notes to redeem all of our outstanding 6.250% senior unsecured notes due 2026 and the remainder for general partnership purposes, including repaying a portion of the borrowings outstanding under our credit facility. The offering of the notes is expected to settle and close on May 9, 2024, subject to customary closing conditions.
RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Capital One Securities, Inc., Regions Securities LLC, SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Fifth Third Securities, Inc., Scotia Capital (USA) Inc. and Truist Securities, Inc. are acting as joint book-running managers for the offering and Comerica Securities, Inc. is acting as co-manager.