Genesis Energy, L.P. Fully Redeems Alkali Asset-Level Preferred Units
Genesis Energy, L.P. (NYSE: GEL) announced today that it has redeemed 100% of the Alkali asset-level preferred units that were originally issued in 2019 to fund the expansion of our Granger soda ash facility.
- Genesis Energy, L.P. (NYSE: GEL) announced today that it has redeemed 100% of the Alkali asset-level preferred units that were originally issued in 2019 to fund the expansion of our Granger soda ash facility.
- On May 17, 2022, a wholly-owned subsidiary of Genesis Alkali Holdings Company, LLC (Genesis Alkali) sold a 10% limited term overriding royalty interest (ORRI) in substantially all of Genesis trona mineral leasehold interests to a special purpose vehicle (SPV) indirectly and wholly-owned by Genesis Energy, L.P.
- The proceeds from the Notes were used by the SPV to purchase the ORRI and by Genesis to fully redeem and retire all of the outstanding asset-level preferred units and to re-pay certain amounts outstanding under its senior secured revolving credit facility.
- Grant Sims, Chairman and CEO of Genesis Energy, said, This transaction represented an attractive opportunity for Genesis to redeem our asset-level preferred units, immediately simplifying our corporate structure while enhancing the credit support for both our secured lenders and unsecured bond holders.