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Area Pipeline Company Works To Raise $128 Million
March 22, 2010
Genesis Energy LP has announced an effort to raise $128 million from the sale of new units.
The action will move cash from operations to the unit owners. Genesis’ operations include pipelines in the North Escambia area, both in Alabama and Florida.
The company announced the commencement of a secondary public offering of 6,000,000 common units owned by Denbury Onshore, LLC and Denbury Gathering & Marketing, Inc., each an affiliate of Denbury Resources Inc., and James E. Davison, one of the directors of their general partner, and two other members of the Davison family. The underwriters have been granted a 30-day option to purchase up to 937,500 additional common units owned by the Davisons.
Genesis will not receive any of the proceeds from this offering and the number of our outstanding common units will remain unchanged.
After a 52-week low of $9.50 per share, Genesis stock (GEL) closed earlier last week at a 52-week high of $21.67.
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