S&P assigns B to Genesis Energy notes

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 2024. S&P also assigned a 6 recovery rating to the debt, indicating negligible (0% to 10%) recovery of principal.

The partnership intends to use net proceeds to help repay outstanding borrowings under its revolving credit facility, which had about $641 million outstanding as of March 31, and for general partnership purposes.

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