New Issue: Genesis Energy sells $550 million eight-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., Aug. 7 – Genesis Energy, LP and Genesis Energy Finance Corp. priced $550 million of eight-year senior notes (B1/BB-) at par to yield 6½% on Monday, according to a syndicate source.

The yield printed at the tight end of the 6½% to 6¾% yield talk.

Wells Fargo Securities LLC is the left bookrunner for the public offering. BMO Securities, Deutsche Bank Securities Inc., SMBC Nikko, ABN Amro, BNP Paribas Securities Corp., BofA Merrill Lynch, Capital One, Citigroup Global Markets Inc., RBC Capital Markets LLC, Scotia Capital and DNB Markets were the joint bookrunners.

The oil and gas master limited partnership plans to use the proceeds, along with a private placement of series A convertible units and a draw on its revolving credit facility, to fund the purchase of 100% of the equity interests in Tronox Alkali Corp.

Issuers:	Genesis Energy, LP and Genesis Energy Finance Corp.
Amount:	$550 million
Maturity:	Oct. 1, 2025
Securities:	Senior notes
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	BMO Securities, Deutsche Bank Securities Inc., SMBC Nikko, ABN Amro, BNP Paribas Securities Corp., BofA Merrill Lynch, Capital One, Citigroup Global Markets Inc., RBC Capital Markets LLC, Scotia Capital, DNB Markets
Co-managers:	BBVA Securities Inc., Fifth Third, Regions
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	432 bps
Call protection:	Three years
Trade date:	Aug. 7
Settlement date:	Aug. 14
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	SEC registered
Price talk:	6½% to 6¾%
Marketing:	Quick to market

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