S&P: Genesis Energy notes B

Standard & Poor’s said it assigned a B rating and 6 recovery rating to Genesis Energy LP’s $400 million senior unsecured notes due 2023.

The 6 recovery rating on the proposed notes indicates 0 to 10% expected default recovery.

The proceeds will be used to redeem the existing $350 million 7 7/8% senior notes due 2018.

The company’s corporate credit rating is BB- and the outlook is stable.

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