Chicago, May 23 – Genesis Energy, LP’s wholly owned subsidiary, Genesis Alkali Holdings Co., LLC, issued $425 million of 5 7/8% senior secured notes due 2042 to certain insurance accounts advised by Blackstone, according to a press release.
Proceeds from the notes were used by the special purpose vehicle to purchase a 10% overriding royalty interest in substantially all of the parent’s trona mineral leasehold interests.
The notes will be serviced by the cash flows from the royalty interest.
With the creation of the special purpose vehicle as a restricted subsidiary, the parent company took the opportunity to fully redeem the Alkali asset-level preferred units that were originally issued in 2019.
Genesis Energy is a Houston-based midstream energy master limited partnership.
| Issuer: | Genesis Energy, LP
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| Amount: | $425 million
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| Issue: | Senior secured notes
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| Maturity: | 2042
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| Coupon: | 5 7/8%
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| Settlement date: | May 17
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| Distribution: | Private placement
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