Genesis Energy to price $200 million tap of 8% senior notes due 2027 in Monday drive-by

By Paul A. Harris

Portland, Ore., April 19 – Genesis Energy, LP plans to price a $200 million tap of its 8% senior notes due Jan. 15, 2027 (existing ratings B1/B+) in a Monday drive-by, according to market sources.

Initial price talk is 103.25 to 103.75, a trader said.

BofA Securities Inc. is leading the public offering.

The notes become callable Jan. 15, 2024 at 104.

The Houston-based midstream energy master limited partnership plans to use the proceeds for general partnership purposes, including paying down its revolver.

Subsidiary Genesis Energy Finance Corp. is the co-issuer.

The original $750 million issue priced in December 2020.

The add-on notes are expected to become fungible with the original notes.

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