Genesis Energy LP (NYSE: GEL) has begun a registered underwritten public offering of 4,000,000 common units representing limited partner interests. The company expects to grant the underwriters a 30-day option to purchase up to 600,000 additional common units.
Genesis intends to use the net proceeds from the offering for general partnership purposes, including funding acquisitions (including organic growth projects) or repaying a portion of the borrowings outstanding under the company’s revolving credit facility.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, RBC Capital Markets, Credit Suisse, Raymond James, and UBS Investment Bank are acting as joint book-running managers for the offering. Baird, BMO Capital Markets, and Janney Montgomery Scott are acting as co-managers.