Genesis Energy, L.P. Completes Acquisition of Tronox Limited’s Alkali Business
01 September 2017 - 03:29PM
Business Wire
Genesis Energy, L.P. (“Genesis”) (NYSE:GEL) today announced that
it has completed the acquisition of Tronox Limited’s (“Tronox”)
(NYSE:TROX) trona and trona-based exploring, mining, processing,
producing, marketing and selling business (the “Alkali Business”)
previously announced on August 2, 2017. The purchase price was
approximately $1,325 million inclusive of approximately $106
million of non-cash net working capital. The Alkali Business is the
world’s largest producer of natural soda ash, also known as sodium
carbonate (Na2CO3), a basic building block for a number of
ubiquitous products, including flat glass, container glass, dry
detergent and a variety of chemicals and other industrial
products.
Stifel acted as buy-side advisor to Genesis for the
acquisition.
In conjunction with the transaction, Genesis completed the sale
of approximately $750 million of 8.75% Class A Convertible
Preferred Units (“Preferred Units”) to investment vehicles
affiliated with KKR Global Infrastructure Investors II, L.P. and
GSO Capital Partners LP. Additionally, Genesis has completed a
public offering of its previously announced $550 million in
aggregate principal amount of 6.50% senior unsecured notes due 2025
(“Senior Unsecured Notes”). The price to investors was 100% of the
principal amount of the notes.
BMO Capital Markets and Deutsche Bank Securities Inc. acted as
advisors to Genesis for the sale of the Preferred Units. Wells
Fargo Securities, LLC acted as advisor to Genesis for the sale of
the Senior Unsecured Notes.
Genesis Energy, L.P. is a diversified midstream energy master
limited partnership headquartered in Houston, Texas. Genesis’
operations include offshore pipeline transportation, onshore
facilities and transportation, refinery services and marine
transportation. Genesis’ operations are primarily located in Texas,
Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the
Gulf of Mexico.
This press release includes forward-looking statements as
defined under federal law. Although we believe that our
expectations are based upon reasonable assumptions, we can give no
assurance that our goals will be achieved, including statements
regarding the expected benefits of the acquisition. Actual results
may vary materially. We undertake no obligation to publicly update
or revise any forward-looking statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20170901005361/en/
Genesis Energy, L.P.Bob Deere, (713) 860-2516Chief Financial
Officer
Genesis Energy (NYSE:GEL)
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