Genesis to pay down revolver debt via $300 million sale of assets

By Susanna Moon

Chicago, Oct. 11 – Genesis Energy, LP plans to reduce the outstanding debt under its revolving credit facility using proceeds of an asset sale.

Genesis closed the divestiture of its Powder River Basin Midstream business on Thursday for net cash proceeds of $300 million, according to an 8-K filing with the Securities and Exchange Commission.

In September, the company had amended the leverage ratio covenant for the third and fourth quarters of 2018 under Genesis’ existing revolver in case the sale was delayed, the filing noted.

Genesis is an oil and gas master limited partnership based in Houston.

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