Genesis Energy LP (NYSE: GEL) has completed its underwritten public offering of common units. Including the overallotment option, which was exercised in full by the underwriters, the Partnership sold a total of 4,600,000 common units at $44.42 per common unit.
Total net proceeds from the offering were approximately $198 million. The Partnership 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 its 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.
Genesis Energy’s operations include onshore and offshore pipeline transportation, refinery services, marine transportation, and supply and logistics.