Genesis Energy provides update on balance sheet simplification

Genesis Energy (GEL) announced an update on its recent and near-term expected deployment of the approximately $1.01B in cash, net of estimated transaction costs and expenses, it received on Friday, February 28, from the sale of its Alkali Business. In summary, Genesis has: Paid its senior secured revolving credit facility to zero which will result in saving approximately $25M in annual cash interest expense; Called the remaining 8.0% senior unsecured notes due 2027 which will result in saving approximately $33M in annual cash interest expense; and purchased $250M of its Class A convertible preferred units, permanently extinguishing approximately $28M in annual cash preferred distributions.