Genesis Energy wraps tender offer, takes in 86% 7 7/8% notes due 2018

By Toni Weeks

San Luis Obispo, Calif., May 21 – Genesis Energy, LP said it took in tenders for $300,126,000, or 86%, of its $350 million of 7 7/8% senior notes due 2018 jointly issued by Genesis and its Genesis Energy Finance Corp. subsidiary. The tender offer ended at 5 p.m. ET on May 20 and began on May 14.

The amount of notes tendered excludes the $100,000 aggregate principal amount of outstanding notes that remain subject to guaranteed delivery procedures, according to a press release.

Genesis will pay $1,044.00 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, as previously reported.

According to the release, notes not tendered in the offer will remain outstanding, but Genesis intends to issue a call to redeem all remaining outstanding notes.

Completion of the offer was subject to conditions, including a debt financing transaction that raises enough funds to pay for tendered notes. Genesis announced a $400 million note offering on May 14.

Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) was dealer manager. D.F. King & Co., Inc. (877 864-5057, banks and brokers call 212 269-5550) was information agent and tender agent.

Genesis Energy is a Houston-based midstream energy master limited partnership with operations in onshore and offshore pipeline transportation, refinery services, marine transportation and supply and logistics.

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