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Genesis Energy closes $300M sale of Powder River Basin crude midstream assets

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Genesis Energy closes $300M sale of Powder River Basin crude midstream assets

Genesis Energy LP closed the sale of its midstream business in the Powder River Basin in Wyoming for about $300 million in net proceeds, which the partnership plans to use for debt repayment.

The divested assets include Genesis' Powder River Basin crude oil pipeline and an associated crude gathering system and rail facility. The assets were acquired by an affiliate of Silver Creek Midstream LLC, a private midstream company financially backed by private equity firm Tailwater Capital LLC.

The net proceeds would be used to reduce outstanding debt under Genesis' revolving credit facility. Genesis provides offshore pipeline transportation, and other midstream supply and logistics services in the U.S.

Deutsche Bank Securities Inc. and Raymond James & Associates Inc. acted as financial advisers, and Akin Gump Strauss Hauer & Feld LLP acted as legal adviser to Genesis.