Genesis Energy, L.P. announced the commencement of a registered, underwritten public offering of $400 million in aggregate principal amount of senior notes due 2033. These notes will be co-issued with its subsidiary, Genesis Energy Finance Corporation.
The net proceeds from this offering are intended to be used to purchase or redeem up to $385 million aggregate principal amount of the company's outstanding 8.0% senior notes due 2027. Remaining proceeds will be allocated for general partnership purposes, including repaying a portion of revolving borrowings under its senior secured credit facility.
This financing initiative aims to manage the company's debt profile by addressing near-term maturities and potentially lowering its cost of capital. The offering is subject to market and other conditions.
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