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Genesis Energy upsizes credit facility to $1.7B

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Genesis Energy upsizes credit facility to $1.7B

has boostedits senior secured credit facility to $1.7 billion from $1.5 billion.

The upsizedcredit facility has an accordion feature that allows an increase in totalcommitments of $300 million, subject to lender approval, Genesis Energy said inan April 28 news release.

The lendersalso unanimously agreed to a total leverage covenant of 5.5 times through thematurity date of July 28, 2019.

The creditfacility increase is connected to Genesis Energy's $1.5 billion of 'soffshore pipelines and related infrastructure business, which expanded thepartnership's size and is expected to improve its credit metrics. Due to theexpanded size, Genesis Energy had amended its credit facility thrice since June2015 to provide more operational flexibility by relaxing certain restrictivecovenants.

"Oursyndicate of lenders has been continuously supportive of us through thehistoric credit crisis and commodity cycles of recent years. In fact, existingand new lenders over-subscribed to our recent solicitation of a $150 millionincrease in commitments, which gave us the opportunity to comfortably upsize by$200 million," said Grant Sims, CEO of Genesis Energy.