TSL Express Daily News

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that on July 19, 2024, it successfully syndicated, upsized and closed on an extension of its existing revolving credit facility with $900 million in commitments from both existing and new lenders with an initial maturity date of September 1, 2028. The relevant covenants contained in the new facility will remain materially similar to those in the previous revolving credit facility, although, prospectively, the partnership will have an expanded permitted investment basket which will provide increased flexibility to potentially purchase existing private or public securities across the capital structure that management might then perceive to be a high-valued use of capital.

Grant Sims, CEO of Genesis Energy said, “As we gain an increasingly clearer line of sight to the important inflection point where we will complete our current major capital spending program and be on the doorstep of the notable step change in earnings starting next year, we thought it was timely and prudent to proactively upsize and extend the tenor of our senior secured credit facility. With this extension, along with the successful bond refinancing in May, we now have no debt maturities until January 2027, and have ensured the partnership has more than adequate financial flexibility and ample liquidity to execute on our plan to further simplify our capital structure and return capital to our stakeholders. We very much value the relationships with both the existing and new banks in our group and are very appreciative of their continued and increased support of Genesis.”

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, soda and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, 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. Actual results may vary materially. All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including but not limited to statements relating to future financial and operating results and our strategy and plans are forward-looking statements, and historical performance is not necessarily indicative of future performance. Those forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside our control, that could cause results to differ materially from those expected by management. Such risks and uncertainties include but are not limited to weather, political, economic and market conditions, and other uncertainties that are described more fully in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement.

Contacts

Genesis Energy, L.P.
Dwayne Morley
Vice President – Investor Relations
(713) 860-2536