Genesis Energy Completes Private Placement Of Convertible Preferred Units For US$750 Million

Published: Aug 02 2017
Deal Summary

Genesis Energy, L.P., a diversified midstream company, completed the private placement of 22,248,591 Class A convertible preferred units, at a price of US$33.71 per unit, for gross proceeds of US$750 million (MM). The units carry a dividend rate of 8.75% per annum. The placement was subscribed to by KKR Global Infrastructure Investors II, L.P. (KKR) and GSO Capital Partners LP.

The company intends to use the proceeds from the placement to fund the part of consideration for the acquisition of Alkali Business.

Deal history

Completed: On September 20, 2017, Genesis Energy completed the private placement of 22,248,591 Class A convertible preferred units, at a price of US$33.71 per unit, for gross proceeds of US$750 MM.

Announced: On August 2, 2017, Genesis Energy agreed to issue 22,248,591 Class A convertible preferred units, at a price of US$33.71 per unit, for gross proceeds of US$750 MM, in a private placement.

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