HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE:GEL) today announced the pricing of a registered underwritten public offering of 5,000,000 common units representing limited partner interests. The offering was priced at $30.80 per common unit. The underwriters have been granted a 30-day option to purchase up to 750,000 additional common units from us. We expect to use the net proceeds from the offering for general partnership purposes, including the repayment of outstanding borrowings under our revolving credit facility.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the common units offering. Deutsche Bank Securities is acting as senior co-manager. Baird, Global Hunter Securities, Morgan Keegan, BMO Capital Markets and Janney Montgomery Scott are acting as co-managers. The offering is expected to settle and close on March 28, 2012, subject to customary closing conditions.
Copies of the final prospectus supplement and accompanying base prospectus relating to this offering, when available, may be obtained from:
| Wells Fargo Securities |
| Attn: Equity Syndicate Dept. |
| 375 Park Avenue |
| New York, NY 10152 |
| Telephone: (800) 326-5897 |
| BofA Merrill Lynch |
| 4 World Financial Center |
| New York, NY 10080 |
| Attn: Prospectus Department |
| Citigroup |
| Attn: Prospectus Department |
| Brooklyn Army Terminal |
| 140 58th Street, 8th Floor |
| Brooklyn, NY 11220 |
|
Email: BATProspectusdept@citi.com |
| Telephone: (877) 858-5407 |
| RBC Capital Markets |
| Attn: Equity Syndicate |
| Three World Financial Center |
| 200 Vesey Street, 8th Floor |
| New York, NY 10281 |
| Telephone: (877) 822-4089 |
| UBS Investment Bank |
| Attn: Prospectus Department |
| 299 Park Avenue |
| New York, NY 10171 |
| Telephone: (888) 827-7275 |
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer is being made only through the prospectus supplement and accompanying base prospectus, each of which is part of our effective shelf registration statement.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include pipeline transportation, refinery services and supply and logistics. The Pipeline Transportation Division is engaged in the pipeline transportation of crude oil and carbon dioxide. The Refinery Services Division primarily processes sour gas streams to remove sulfur at refining operations. The Supply and Logistics Division is engaged in the transportation, storage and supply and marketing of energy products, including crude oil, refined products, and certain industrial gases. Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved, including statements regarding our ability to close the offering successfully and to use the net proceeds as indicated above. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.