Genesis Energy upsizes senior secured credit facility to $1.7 billion

By Tali Rackner

Norfolk, Va., April 28 – Genesis Energy, LP increased the total commitments under its senior secured credit facility to $1.7 billion from $1.5 billion, according to a Thursday press release.

The facility includes an up to $300 million accordion feature, subject to lender approval.

In connection with this upsizing, the lenders unanimously agreed to a total leverage covenant of 5.5 times through the maturity date of July 28, 2019.

“We continue to be pleased with the performance of our diversified businesses, and we are confident the market will continue to further differentiate among midstream energy companies with varying fundamentals and prospects,” Genesis chief executive officer Grant Sims said in the release.

“Our syndicate of lenders has been continuously supportive of us through the historic credit crisis and commodity cycles of recent years. In fact, existing and new lenders over-subscribed to our recent solicitation of a $150 million increase in commitments, which gave us the opportunity to comfortably upsize by $200 million.

“We believe these increased commitments will enhance our flexibility to take advantage of opportunities that may develop as a result of the current environment.”

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.