Genesis Energy Upsizes Issue of New Units
Genesis Energy is looking to enlarge its coffers with an offering of new units. The company has boosted the number of units it's unloading in an underwritten public issue, to 5 million from the previously announced 4.5 million. The units will hit the market at $47.51 apiece. Additionally, the firm's underwriters have been granted a 30-day purchase option for up to an additional 750,000 units.
Genesis Energy said it plans to use the resulting proceeds for "general partnership purposes, including the repayment of outstanding borrowings under our revolving credit facility."
The joint book-running managers of the issue are Bank of America's Merrill Lynch, Citigroup, Deutsche Bank's and Wells Fargo's Securities arms, Royal Bank of Canada subsidiary RBC Capital Markets, and Bank of Montreal's Capital Markets. The offering is expected to close on September 16.
At the moment, Genesis Energy has nearly 83 million shares outstanding, and its stock trades at $50.27 per share.
The article Genesis Energy Upsizes Issue of New Units originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Bank of America and Wells Fargo. The Motley Fool owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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