Genesis Energy, L.P. Announces the Expiration of Its Tender Offer for Any and All of Aggregate Principal Amount of Its 5.625% Senior Notes Due 2024

Rhea-AI Summary

Genesis Energy, L.P. (NYSE: GEL) announced the expiration of its cash tender offer for 5.625% senior unsecured notes due 2024 on January 24, 2023, with $316.3 million (92.73%) of the notes validly tendered. The settlement date is expected on January 25, 2023. Remaining notes will be called for redemption according to the indenture’s terms. The company operates in offshore pipeline transportation, sodium minerals, sulfur services, and marine transportation, primarily in the Gulf Coast region and Gulf of Mexico.

Forward-looking statements indicate uncertainty regarding future outcomes. No assurance can be provided that goals will be met.

Positive

• 92.73% of the 5.625% senior unsecured notes due 2024 were validly tendered, totaling $316.3 million.

Negative

• Remaining outstanding notes will be subject to redemption, which may affect liquidity.

HOUSTON--(BUSINESS WIRE)-- Genesis Energy, L.P. (NYSE: GEL) today announced that its previously announced cash tender offer to purchase any and all of the outstanding aggregate principal amount of the 5.625% senior unsecured notes due 2024 (the “Notes”) that we co-issued with our subsidiary, Genesis Energy Finance Corporation, expired at 5:00 p.m., New York City time, on January 24, 2023 (the “Expiration Time”). As of the Expiration Time, $316,325,000 aggregate principal amount of the outstanding Notes (92.73%) were validly tendered, which excludes $91,000 aggregate principal amount of the outstanding Notes that remain subject to guaranteed delivery procedures. The settlement date for the Notes is expected to be January 25, 2023.

Pursuant to the terms of the tender offer, Notes not tendered in the tender offer will remain outstanding. We intend to call such outstanding Notes for redemption in accordance with the terms and conditions of the indenture governing the Notes.

Persons with questions regarding the tender offer should contact the dealer manager, Wells Fargo Securities, LLC by telephone at (866) 309-6316 (toll-free) or (704) 410-4756, or the information agent and tender agent, D.F. King & Co., Inc., by telephone at (800) 578-5378 (toll-free) or, for banks and brokers, at (212) 269-5550 (Banks and Brokers only) or in writing at D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005, Attention: Michael Horthman, or by email at genesis@dfking.com.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals 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, no assurance can be given that our goals will be achieved, including statements related to the tender offer and redemption. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230124006121/en/

Genesis Energy, L.P.

Ryan Sims

SVP – Finance and Corporate Development

(713) 860-2521

Source: Genesis Energy, L.P.

FAQ

What was the outcome of Genesis Energy's cash tender offer for notes due 2024?

Genesis Energy's cash tender offer resulted in 92.73% of the 5.625% senior unsecured notes due 2024 being validly tendered.

When is the settlement date for Genesis Energy's tender offer?

The settlement date for the tender offer is expected on January 25, 2023.

What happens to the notes that were not tendered in the offer?

Notes not tendered will remain outstanding and are expected to be called for redemption.

What is the total principal amount of the notes tendered by Genesis Energy?

The total principal amount tendered was $316,325,000.

What percentage of the notes does Genesis Energy intend to redeem?

Genesis Energy intends to redeem the remaining notes that were not tendered.