Genesis Energy, L.P. Upsizes And Prices Public Offering Of 7.875% Senior Unsecured Notes Due 2032 From $500M To $700M
Portfolio Pulse from Benzinga Newsdesk
Genesis Energy, L.P. (GEL) has upsized and priced its public offering of 7.875% senior unsecured notes due 2032 from $500M to $700M. The offering, co-issued with Genesis Energy Finance Corporation, will be guaranteed by most subsidiaries. The proceeds will be used to redeem 6.250% notes due 2026 and for general purposes, including repaying credit facility borrowings. The offering is set to close on May 9, 2024, with several financial institutions acting as managers.
May 06, 2024 | 9:19 pm
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Genesis Energy, L.P. has increased its public offering of senior unsecured notes to $700M, to be used for debt redemption and general partnership purposes.
The upsizing of the offering from $500M to $700M indicates strong market demand and confidence in Genesis Energy's financial strategy. This move is likely to be viewed positively by investors as it addresses debt redemption and strengthens the company's financial position. The use of proceeds for redeeming higher interest debt and for general partnership purposes suggests a proactive approach to financial management, which could lead to improved financial metrics and potentially a positive impact on the stock price in the short term.
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