Mark Gorman, president and CEO, said, "We are pleased to have closed this expansion of our credit facility. This is a key accomplishment to meet our goals for 2004. This transaction will provide us the financial strength and flexibility to execute our planned growth strategy for Genesis' unitholders."
The bank credit facility consists of a $50 million revolving line of credit for acquisitions and a $50 million working capital revolving credit facility. The facility matures in June 2008. At June 1, 2004, Genesis had approximately $20 million in outstanding letters of credit and no borrowings under the new facility.
Genesis Energy, L.P. operates crude oil common carrier pipelines and is an independent gatherer and marketer of crude oil in North America, with operations concentrated in Texas, Louisiana, Alabama, Florida and Mississippi. Genesis Energy, L.P. also operates a wholesale CO2 marketing business.
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