Genesis Energy enters $850 million restated revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – Genesis Energy, LP entered into a sixth amended and restated credit agreement with Wells Fargo Bank, NA as administrative agent on Feb. 17, providing for an $850 million senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company has the ability to increase the facility to up to $1.05 billion with lender consent.

The maturity date is Feb. 13, 2026, with two one-year extension options, provided that if more than $150 million of the company’s 6˝% senior notes due 2025 remain outstanding on June 30, 2025, the credit agreement with mature on that date.

Borrowings bear interest at SOFR plus an adjustment of 10 basis points plus a spread ranging from 225 bps to 375 bps, depending on Genesis’ leverage ratio.

The agreement amends and restates the company’s agreement dated April 8, 2021.

Proceeds may be used for working capital and general partnership purposes.

Wells Fargo Securities, LLC, BofA Securities, Inc., Royal Bank of Canada, BNP Paribas, Capital One, NA, Bank of Nova Scotia, Houston Branch, Sumitomo Mitsui Banking Corp., Regions Bank, Fifth Third Bank, NA, Truist Securities, Inc., Citizens Bank, NA and Citibank, NA are the lead arrangers. Wells Fargo and BofA are the bookrunners.

Genesis is a diversified midstream energy master limited partnership based in Houston. Its operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation.

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