Moody’s assigns Genesis Energy notes B1

Moody’s Investors Service said it assigned a B1 rating to Genesis Energy LP’s proposed senior unsecured notes due 2027.

Proceeds will be used to refinance the company’s 2023 notes and partially repay borrowings under its revolving credit facility. Genesis’ other ratings are unchanged, including the B1 on its other senior unsecured notes and the SGL-3 speculative grade liquidity rating.

“Genesis Energy’s proposed notes issuance will refinance existing debt, improving its maturity profile,” stated James Wilkins, a Moody’s vice president in a press release. “While the financing will be largely leverage neutral, the company is increasing its proportion of term debt.”

The outlook is stable.

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