Genesis Energy, L.P. Prices Public Offering of Common Units
March 20 2017 - 7:30PM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) today announced the pricing of
a registered underwritten public offering of 4,000,000 common units
representing limited partner interests for total gross proceeds
(before estimated offering expenses) of $124.0 million. We granted
the underwriters a 30-day option to purchase up to 600,000
additional common units from us. The underwriters intend to offer
the common units for sale from time to time in one or more
transactions (which may include block transactions), to purchasers
directly or through agents, or through brokers in brokerage
transactions on the New York Stock Exchange, or to dealers, in
negotiated transactions or in combination of such methods of sale,
at a fixed price or prices, which may be changed, or at market
prices prevailing at the time of sale, at prices related to such
prevailing market prices or at negotiated prices. We intend to use
the net proceeds from the offering, including any net proceeds from
the underwriters’ exercise of their option to purchase additional
common units, for general partnership purposes, including funding
acquisitions (including organic growth projects) or repaying a
portion of the borrowings outstanding under our revolving credit
facility. The offering is expected to settle and close on March 24,
2017, subject to customary closing conditions.
Wells Fargo Securities and Baird are acting as joint
book-running managers for the offering. A copy of the preliminary
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from:
Wells Fargo Securities, LLC
Robert W. Baird & Co. Incorporated Attn: Equity Syndicate Dept.
Attention: Syndicate Department 375 Park Avenue 777 East Wisconsin
Avenue New York, New York 10152 Milwaukee, WI 53202
cmclientsupport@wellsfargo.com
syndicate@rwbaird.com
(800) 326-5897 (800) 792-2473
You may also obtain these documents for free by visiting the
SEC’s website at www.sec.gov.
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 on Form S-3
previously filed with the Securities and Exchange Commission.
Genesis Energy, L.P. is a diversified midstream energy master
limited partnership headquartered in Houston, Texas. Genesis’
operations include onshore and offshore pipeline transportation,
refinery services, marine transportation and supply and logistics.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170320006313/en/
Genesis Energy, L.P.Bob Deere, 713-860-2516Chief Financial
Officer
Genesis Energy (NYSE:GEL)
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