FOR
IMMEDIATE RELEASE
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Contact:
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Ross
A. Benavides
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| |
|
Chief
Financial Officer
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| |
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(713)
860-2528
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GENESIS
ENERGY, L.P. ANNOUNCES COMPLETION OF $500 MILLION REVOLVING CREDIT
FACILITY
November
16, 2006 (Houston, TX) - Genesis
Energy, L.P. (AMEX:GEL) announced today that it closed a new senior secured
revolving credit facility. This new facility provides for an aggregate maximum
capacity of $500 million and an initial committed borrowing capacity of $125
million. The commitment amount can be increased, with approval from the lenders,
based on pro forma financial information of acquisitions. The facility has
a
final maturity of November 2011. Fortis Capital Corp. and Deutsche Bank
Securities Inc. acted as Joint Lead Arrangers and Joint Bookrunners on this
facility. Fortis Capital Corp. will serve as Administrative Agent and Deutsche
Bank Securities Inc. will be syndication agent. Other agents in the facility
include Bank of America, N.A., U.S. Bank National Association and Wachovia
Bank
National Association.
“We
are
pleased by the strong show of support from our new bank group,” said Grant Sims,
CEO. “This facility provides us with the financial strength and flexibility to
significantly grow the partnership for our unitholders by making accretive
acquisitions, as well as provide working capital for our existing operations
and
organic growth projects.”
Genesis
Energy, L.P. operates crude oil common carrier pipelines and is an independent
gatherer and marketer of crude oil in North America, with operations
concentrated in Texas, Louisiana, Alabama, Florida and Mississippi. Genesis
Energy, L.P. also operates an industrial gas business.
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One
Allen
Center 500 Dallas,
Suite 2500 Houston,
TX 77002