Genesis Energy LP (NYSE: GEL) has priced at par a public offering of $350,000,000 in aggregate principal amount of 5⅝% senior unsecured notes due 2024. The offering was upsized from the previously announced $300,000,000 in aggregate principal amount of notes. The notes will be co-issued with our subsidiary, Genesis Energy Finance Corp., and will be guaranteed, with certain exceptions, by substantially all of the company’s existing and future subsidiaries.
The offering of the notes is expected to settle on May 15. Genesis intends to use net proceeds from the notes offering to repay outstanding borrowings under its revolving credit facility and for general partnership purposes.
RBC Capital Markets, BMO Capital Markets, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, Scotiabank, US Bancorp, and Wells Fargo Securities are acting as joint book-running managers for the notes offering.