Genesis Energy LP (NYSE: GEL) has priced a public offering of $750,000,000 in aggregate principal amount of 6.75% senior unsecured notes due 2022. The price to investors will be 98.629% of the principal amount of the notes.
The notes will be co-issued with the company’s subsidiary, Genesis Energy Finance Corp., and will be guaranteed, with certain exceptions, by substantially all of our existing and future subsidiaries.
Genesis intends to use net proceeds from the offering to fund a portion of the purchase price for the pending acquisition of the Offshore Pipelines and Services business of Enterprise Products Operating LLC. The offering of the notes is expected to settle and close on July 23.
BofA Merrill Lynch, BMO Capital Markets, Wells Fargo Securities, ABN AMRO, BBVA, Citigroup, Deutsche Bank Securities, RBC Capital Markets, Scotiabank, and US Bancorp are acting as joint book-running managers for the offering.