HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL - News) today announced the pricing of a registered underwritten public offering of 7,350,000 common units representing limited partner interests. In addition, certain selling unitholders are collectively offering 1,150,000 common units representing limited partner interests. The offering was priced at $26.30 per unit. The underwriters have been granted a 30-day option to purchase up to 850,000 additional common units from us and 425,000 additional common units from the selling unitholders. We will not receive any of the proceeds from the common units sold by the selling unitholders. Net proceeds from the offering by us are expected to be used for general partnership purposes, including funding a portion of the purchase price and related transaction costs for our previously announced pending acquisition of the black oil barge transportation business of Florida Marine Transporters, Inc. and its affiliates. If that acquisition is not consummated, all of the net proceeds of the offering by us will be used for other purposes, including the repayment of borrowings outstanding under our credit agreement.
Wells Fargo Securities, BofA Merrill Lynch, Citi, Deutsche Bank Securities, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the common units offering. Baird, Morgan Keegan, Madison Williams & Company, BMO Capital Markets and Janney Montgomery Scott are acting as co-managers. The offering is expected to settle and close on July 20, 2011, subject to customary closing conditions.
Copies of the final prospectus supplement and accompanying base prospectuses relating to this offering, when available, may be obtained from the following addresses:
Wells Fargo Securities
Attn: Equity Syndicate Dept.
375 Park
Avenue
New York, NY 10152
Email: cmclientsupport@wellsfargo.com
Telephone:
(800) 326-5897
BofA Merrill Lynch
Attn: Prospectus Department
4 World
Financial Center
New York, NY 10080
Email: dg.prospectus_requests@baml.com
Citi
Attn: Prospectus Department
Brooklyn Army Terminal
140
58th Street, 8th Floor
Brooklyn, NY 11220
Email: BATProspectusdept@citi.com
Telephone:
(877) 858-5407
Deutsche Bank Securities
Attn: Prospectus Department
100 Plaza
One, 2nd Floor
Jersey City, NJ 07311
Telephone: (800) 503-4611
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 prospectuses, each of which is part of one or both of our effective shelf registration statements.
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, principally located in Texas, Louisiana, Arkansas and Utah. 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.