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Genesis Energy (GEL) just unveiled an update.
Genesis Energy has secured a New Credit Agreement, replacing their previous one, with a $900 million senior secured revolving facility that can be expanded to $1.05 billion. This new financial agreement, involving major banks such as Wells Fargo and Bank of America, offers flexible borrowing options until September 2028 with possible extensions, linked to the company’s outstanding senior notes. The interest rates are set based on a base rate or Term SOFR rate plus applicable margins that vary with Genesis’s leverage ratio. Additionally, the agreement requires adherence to certain financial metrics and is backed by guarantees and liens on Genesis’s assets. This move also involved settling all debts under the old credit agreement, streamlining Genesis’s financial structure for future growth.
Find detailed analytics on GEL stock on TipRanks’ Stock Analysis page.
