Genesis Energy LP Commences Offering of Additional Senior Notes
January 27, 2012 at 02:08 pm
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Genesis Energy LP announced the commencement of a private placement to eligible purchasers of $100 million in aggregate principal amount of 77/8% Senior Notes due 2018. The notes are being offered as additional notes under the indenture pursuant to which issued $250 million aggregate principal amount of notes on November 18, 2010. The new notes and outstanding notes will be treated as a single class under the indenture. The notes will be co-issued with subsidiary, Genesis Energy Finance Corporation, and will be guaranteed, with certain exceptions, by substantially all existing and future subsidiaries. The company intend to use net proceeds from the offering to repay outstanding borrowings under revolving credit facility.
Genesis Energy L.P. is a provider of integrated suite of midstream services to the Gulf of Mexico and the Gulf Coast region of the crude oil and natural gas industry, and producer of natural soda ash. The Company operates through four segments: Offshore Pipeline Transportation, Sodium and Sulfur Services, Onshore Facilities and Transportation, and Marine Transportation. Its Offshore Pipeline Transportation segment includes its offshore crude oil and natural gas pipeline transportation and handling operations in the Gulf of Mexico. Its Sodium and Sulfur Services segment includes its alkali business and its sulfur removal business. Its Onshore Facilities and Transportation segment owns and/or leases its range of onshore crude oil and refined products infrastructure, including pipelines, trucks, terminals, and rail unloading facilities. The Companyâs Marine Transportation segment is a provider of transportation services by tank barge primarily for intermediate refined petroleum products.