Genesis Energy to repay credit facility with common unit offering

By Tali David

Minneapolis, March 22 - Genesis Energy, LP plans to use the proceeds from its 5 million common unit offering for general partnership purposes, including the repayment of outstanding borrowings under its revolving credit facility.

The credit facility, which is due June 2015, had roughly $409.3 million outstanding as of Dec. 31. It bears interest at a variable rate, which was about 3% per year as of March 20.

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

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