GENESIS ENERGY, L.P. (NYSE:GEL) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On May9, 2017, Genesis Energy, L.P. (Genesis) entered into a
Fifth Amendment to Fourth Amended and Restated Credit Agreement
and Second Amendment to Fourth Amended and Restated Guarantee and
Collateral Agreement (the Credit Agreement Amendment) among
Genesis, as the borrower, Wells Fargo Bank, National Association,
as administrative agent and issuing bank, Bank of America, N.A.
and Bank of Montreal, as co-syndication agents, U.S. Bank
National Association, as documentation agent, the other grantors
party thereto, and the lenders and other parties party thereto.
The Credit Agreement Amendment, among other things, (i)extends
the maturity date of the credit facility to May9, 2022 (provided,
that if Genesis does not refinanceor repay in full its 5.750%
senior notes due 2021 on or prior to November15, 2020, the
maturity date will be November15, 2020), (ii) changes the maximum
consolidated leverage ratio to 5.75 to 1.0 for the second quarter
of 2017 through the second quarter of 2018, 5.50 to 1.0 for the
third quarter of 2018 through the fourth quarter of 2019, 5.25 to
1.0 for the first quarter of 2020 through the fourth quarter of
2020 and 5.00 to 1.0 from the first quarter of 2021 and all
periods thereafter, and (iii)adds an additional level to the
leverage-based pricing grid used to calculate the applicable
margin for base rate loans and LIBOR loans to account for changes
to the maximum consolidated leverage ratio.
From time to time, certain of the lenders have provided, or may
in the future provide, various investment banking, commercial
banking, financial advisory, brokerage and other services to
Genesis and its affiliates for which services they have received,
and may in the future receive, customary fees and expense
reimbursement. The lenders and their affiliates may, from time to
time, engage in transactions with and perform services for
Genesis in the ordinary course of their business for which they
may receive customary fees and reimbursement of expenses.
The foregoing summary is qualified in its entirety by reference
to the Credit Agreement Amendment, which is attached as Exhibit
10.1. The representations and warranties of Genesis in the Credit
Agreement Amendment were made only for purposes of that agreement
and as of specific dates and were solely for the benefit of the
lenders party thereto. The Credit Agreement Amendment is a
contractual document that establishes and governs the legal
relations among the parties thereto and is not intended to be a
source of factual, business, or operational information about
Genesis and its subsidiaries. The representations and warranties
made by Genesis in the Credit Agreement Amendment may be subject
to standards of materiality applicable to the contracting parties
that differ from those applicable to investors. Accordingly,
investors and security holders should not rely on such
representations and warranties as characterizations of the actual
state of facts or circumstances.
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits
The following materials are filed as exhibits to this Current
Report on Form 8-K.
|
Exhibit Number |
Description |
|
| 10.1 |
Fifth Amendment to Fourth Amended and Restated Credit Agreement and Second Amendment to Fourth Amended and Restated Guarantee and Collateral Agreement, dated as of May9, 2017, among Genesis Energy, L.P., as the borrower, Wells Fargo Bank, National Association, as administrative agent and issuing bank, Bank of America, N.A. and Bank of Montreal, as co-syndication agents, U.S. Bank National Association, as documentation agent, the other grantors party thereto, and the lenders and other parties party thereto. |
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About GENESIS ENERGY, L.P. (NYSE:GEL)
Genesis Energy, L.P. is a limited partnership focused on the midstream segment of the oil and gas industry. The Company operates through five segments: Offshore Pipeline Transportation, Onshore Pipeline Transportation, Refinery Services, Marine Transportation, and Supply and Logistics. The Offshore Pipeline Transportation segment is engaged in the offshore transportation of crude oil and natural gas in the Gulf of Mexico. The Onshore Pipeline Transportation segment is engaged in the transportation of crude oil and carbon dioxide (CO2). The Refinery Services segment is involved in the processing of high sulfur (or sour) gas streams and selling the related by-product, sodium hydrosulfide (NaHS). The Marine Transportation segment provides waterborne transportation of petroleum products and crude oil throughout North America. The Supply and Logistics segment is engaged in terminaling, blending, storing, marketing, and transporting crude oil and petroleum products and CO2. GENESIS ENERGY, L.P. (NYSE:GEL) Recent Trading Information
GENESIS ENERGY, L.P. (NYSE:GEL) closed its last trading session up +0.37 at 31.80 with 438,973 shares trading hands.
