Latest News
Silver Creek Affiliate Closes USD 300m Acquisition of Powder River Basin Assets from Genesis Energy
Friday 12 October 2018

12 October 2018 - Texas, US-based midstream energy company Genesis Energy, L.P. (NYSE: GEL) has closed the sale of its Powder River Basin Midstream Assets to an affiliate of Silver Creek Midstream, LLC for approximately USD 300m in net cash proceeds, the company said.

Genesis said it plans to use proceeds from the sale to reduce the balance outstanding under its revolving credit facility.

In conjunction with the transaction, Genesis executed an amendment to its existing revolving credit facility, which among other things, sets the bank leverage ratio to 5.50x throughout the remaining term of the facility, currently 8 May 2022.

The Powder River Basin Midstream Assets include Genesis' Powder River Basin Pipeline along with the associated crude oil gathering system and rail facility.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership with operations that include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and pipeline transportation and marine transportation.
Date Published: 12/10/2018
Target: Genesis Energy/Powder River Basin Midstream Assets
Country: USA
Deal Size: 300m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Genesis Energy
Buyer: Silver Creek Midstream affiliate