S&P rates Genesis Energy notes B

Standard & Poor's said it assigned its B issue-level rating to Genesis Energy LP's and Genesis Energy Finance Corp.'s proposed $300 million senior unsecured notes due 2021.

S&P also assigned its 6 recovery rating to the debt, indicating negligible (0% to 10%) recovery of principal.

The partnership intends to use net proceeds to repay outstanding borrowings under its revolving credit facility, which had roughly $500 million outstanding as of Dec. 31, and for general partnership purposes, the agency said.

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