S&P rates Genesis Energy notes B

S&P said it assigned B issue-level and 3 recovery ratings to Genesis Energy LP's upcoming sale of $550 million of senior unsecured notes. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery in default.

Genesis’ B ratings are unchanged.

The company will use proceeds to fully redeem its 2025 notes and for general corporate purposes, including repaying a portion of the revolver borrowings under its credit facility.

The outlook is stable.

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