Genesis Energy, L.P. (NYSE: GEL) today announced the commencement of a registered underwritten public offering of 4,000,000 common units representing limited partner interests. The underwriters are expected to be granted a 30-day option to purchase up to 600,000 additional common units from us. We expect 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 our revolving credit facility.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, RBC Capital Markets and BMO Capital Markets are acting as joint book-running managers for the common units offering. Baird, Raymond James and Janney Montgomery Scott are acting as co-managers.
Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering, when available, may be obtained from:
Wells Fargo Securities |
Attn: Equity Syndicate Dept. |
375 Park Avenue |
New York, NY 10152 |
Telephone: (800) 326-5897 |
BofA Merrill Lynch |
Attn: Prospectus Department |
222 Broadway |
New York, NY 10038 |
Citigroup |
c/o Broadridge Financial Solutions |
1155 Long Island Ave. |
Edgewood, NY 11717 |
Telephone: (800) 831-9146 |
Email: prospectus@citi.com |
Deutsche Bank Securities |
Attn: Prospectus Group |
60 Wall Street |
New York, NY 10005 |
Telephone: (800) 503-4611 |
Email: prospectus.cpdg@db.com |
RBC Capital Markets |
Attn: Equity Syndicate |
Three World Financial Center |
200 Vesey Street, 8th Floor |
New York, NY 10281 |
Telephone: (877) 822-4089 |
BMO Capital Markets |
Attn: Equity Syndicate Department |
3 Times Square |
New York, NY 10036 |
Telephone: (800) 414-3627 |
Email: bmoprospectus@bmo.com |
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer is being made only through the prospectus supplement and accompanying base prospectus, each of which is part of our effective shelf registration statement.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include pipeline transportation, refinery services and supply and logistics. The Pipeline Transportation Division is engaged in the pipeline transportation of crude oil and carbon dioxide. The Refinery Services Division primarily processes sour gas streams to remove sulfur at refining operations. The Supply and Logistics Division is engaged in the transportation, storage and supply and marketing of energy products, including crude oil, refined products, and certain industrial gases. Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved, including statements regarding our ability to close the offering successfully and to use the net proceeds as indicated above. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
Contacts:
Bob Deere, 713-860-2516
Chief Financial
Officer