Genesis Energy, L.P. Completes Divestiture of Powder River Basin Midstream Assets
Genesis Energy, L.P. (NYSE: GEL) announced today that it has completed
the previously announced divestiture of its Powder River Basin Midstream
business and received approximately $300 million in total net cash
proceeds. Proceeds from the sale will be used by Genesis to reduce the
balance outstanding under its revolving credit facility. Under Genesis’
credit facility, Genesis will receive pro forma credit from its senior
secured lenders for the transaction for the period ending September 30,
2018.
The Powder River Basin Midstream business includes Genesis’ Powder River
Basin Pipeline along with the associated crude oil gathering system and
rail facility.
Deutsche Bank Securities Inc. and Raymond James & Associates, Inc. acted
as financial advisors to Genesis. Akin Gump Strauss Hauer & Feld LLP
acted as legal advisor to Genesis.
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
(formerly known as 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 the expected benefits of the
divestiture. 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/20181011005425/en/
Copyright Business Wire 2018
Source: Business Wire
(October 11, 2018 - 8:26 AM EDT)
News by QuoteMedia
www.quotemedia.com