Genesis Energy Enters Into $525M Credit Facility

Genesis Energy, L.P. GEL announced today that it has entered into a new $525 million five-year secured revolving credit facility expiring June 30, 2015, including an accordion feature whereby the total credit available can be increased up to $650 million. The new facility replaces a $500 million secured credit facility that was scheduled to mature in November of 2011. Borrowings under the new credit facility can be used for general partnership purposes, including acquisitions. The new credit facility includes a $75 million sublimit tranche designed for the more efficient financing of crude oil and petroleum products inventory in GEL’s normal course of business. “We are pleased to enter into this new credit facility which demonstrates GEL’s ability to access the capital markets,” said Grant Sims, CEO. “The removal of the borrowing base concept, the addition of the inventory sublimit tranche and other changes incorporated in the terms and conditions of the new credit facility reflect the increase in our size and our financial performance over the last four years. The new five-year facility will provide us with increased financial flexibility and total committed borrowing capacity.”