Genesis Energy LP (NYSE: GEL) completed its underwritten public offering of common units.
Including the overallotment option, which was exercised in full by the underwriters, the partnership sold a total of some 5.8 million common units at $47.51 per unit.
Total net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, were $263 million. Net proceeds will be used for general partnership purposes, including the repayment of outstanding borrowings under its revolving credit facility.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, RBC Capital Markets, and BMO Capital Markets were joint book-running managers. Baird, Raymond James, and Janney Montgomery Scott were co-managers.
Genesis Energy LP operates in the midstream segment of the oil and gas industry in the Gulf Coast region of the U.S. The company is headquartered in Houston.