Genesis Energy lowers pricing with credit facility amendment

By Sara Rosenberg

New York, Aug. 23 - Genesis Energy LP's recent amendment reduced pricing on its senior secured revolving credit facility to a range of Libor plus 200 basis points to 300 bps from a range of Libor plus 250 bps to 350 bps, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Pricing is based on the company's leverage ratio.

In addition, the unused fee on the revolver can now range from 37.5 bps to 50 bps, instead of a fixed fee of 50 bps.

As was previously reported, the amendment also increased the revolver to $775 million from $525 million and the accordion feature to $225 million from $125 million.

BNP Paribas is the administrative agent on the amendment that was completed on Aug. 19.

With the amendment, the company added two banks to its syndicate group.

Genesis Energy is a Houston-based diversified midstream energy master limited partnership.

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