Genesis Energy, L.P. Announces Tender Offer for Any and All of Aggregate Principal Amount of Its 6.750% Senior Notes Due 2022
January 08 2020 - 7:02PM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) today announced the
commencement of a cash tender offer to purchase any and all of the
outstanding aggregate principal amount of the 6.750% senior
unsecured notes due 2022 that we co-issued with our subsidiary,
Genesis Energy Finance Corporation. As of January 8, 2020,
$750,000,000 aggregate principal amount of the notes were
outstanding. The tender offer is being made pursuant to an offer to
purchase and a related letter of transmittal, each dated as of
January 8, 2020, and notice of guaranteed delivery. The tender
offer will expire at 5:00 p.m., New York City time, on January 15,
2020, unless extended (the “Expiration Time”). Settlement is
expected to occur on January 16, 2020.
Holders of notes that are validly tendered and accepted at or
prior to the Expiration Time will receive in cash the total
consideration of $1,019.88 per $1,000 principal amount of notes,
plus any accrued and unpaid interest up to, but not including, the
settlement date.
The settlement date will occur after the interest payment record
date falling on January 15, 2020, but before the relevant interest
payment date falling on February 1, 2020. Holders who tender notes
that they held on the January 15, 2020 record date and which are
accepted for purchase pursuant to the tender offer will not receive
any accrued and unpaid interest on such notes on the February 1,
2020 interest payment date, but instead will receive such interest
on the settlement date.
The tender offer is contingent upon, among other things, our
successful completion of one or more debt financing transactions,
including potential debt securities offerings, in an amount
sufficient to fund the purchase of validly tendered notes accepted
for purchase in the tender offer and to pay all fees and expenses
associated with such financing and the tender offer. The tender
offer is not conditioned on any minimum amount of notes being
tendered. We may amend, extend or terminate the tender offer in our
sole discretion.
Tendered notes may be withdrawn at any time prior to the
Expiration Time. This press release is neither an offer to purchase
nor a solicitation of an offer to sell any notes. The tender offer
is being made pursuant to the terms and conditions contained in the
offer to purchase, the related letter of transmittal and the notice
of guaranteed delivery, copies of which may be obtained from D. F.
King & Co., Inc., the information agent and tender agent for
the tender offer, by telephone at (877) 536-1556 (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: Andrew Beck, or by
email at genesis@dfking.com. We may amend, extend or terminate the
tender offer in our sole discretion. Persons with questions
regarding the tender offer should contact the dealer manager, BMO
Capital Markets by telephone at (833) 418-0762 (U.S. toll-free) or
(212) 702-1840.
Copies of the offer to purchase, the related letter of
transmittal and the notice of guaranteed delivery are also
available at the following web address: www.dfking.com/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. 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. 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: https://www.businesswire.com/news/home/20200108005906/en/
Genesis Energy, L.P. Ryan Sims SVP - Finance and Corporate
Development (713) 860-2521
Genesis Energy (NYSE:GEL)
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