Genesis Energy gets $1 billion amended and restated credit facility

By Sara Rosenberg

New York, July 31 - Genesis Energy LP closed on a $1 billion five-year senior secured amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Wells Fargo Securities LLC, BMO Capital Markets and Bank of America Merrill Lynch acted as the joint lead arrangers and bookrunners on the deal that was completed on July 25.

Pricing on the revolver can range from Libor plus 175 basis points to 275 bps and the unused fee can range from 37.5 bps to 50 bps, based on leverage.

There is a $300 million accordion feature.

Covenants include a maximum leverage ratio, a maximum senior secured leverage ratio and a minimum interest coverage ratio.

Proceeds were used to refinance an existing credit facility.

Genesis Energy is a Houston-based company that operates in the midstream segment of the oil and gas industry.

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