Moody’s applies B1 to Genesis Energy notes

Moody's Investors Service said it assigned a B1 rating to Genesis Energy LP's proposed $400 million senior notes.

All existing ratings, including the Ba3 corporate family rating, are unchanged and the outlook remains stable.

Proceeds will be used to redeem the existing $350 million 7 7/8% senior notes due 2018. Additionally, proceeds will be used to partially repay borrowings on the revolving credit facility.

The new notes will have identical terms and conditions as Genesis's existing senior notes. The new senior notes as well as the existing senior notes are rated B1 or one notch below the Ba3 corporate family rating, reflecting their effective subordination to the secured $1 billion revolving credit facility due 2019 ($648 million outstanding as of March 31).

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