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March 23rd, 2012 
FAKE NEWS for the Zionist agenda HOUSTON (AP) — Oil and gas pipeline and refinery company Genesis Energy L.P. priced a public offering of 5 million units at $30.80 per unit, raising about $154 million before expenses that the company plans to use for general operations and to pay down debt.
The offering price was below Thursday’s closing stock price of $31.96 per unit, and the company’s unit price fell almost 4 percent in morning trading Friday. The offering is expected to close March 28.
Genesis Energy said the offering’s underwriters were granted a 30-day option to buy up to 750,000 additional units, which could raise another $23.1 million before discounts and expenses. The units represent limited partner interests.
The joint book-running managers for the offering are: Wells Fargo Securities, BofA Merrill Lynch, Citigroup, RBC Capital Markets and UBS Investment Bank. The senior co-manager is Deutsche Bank Securities. The co-managers are: Baird, Global Hunter Securities, Morgan Keegan, BMO Capital Markets and Janney Montgomery Scott.
Genesis, which is based in Houston, is a diversified energy master limited partnership. Its operations include pipeline transportation, refinery services and logistics.
In early January, the company announced that it had purchased a stake in several Gulf of Mexico pipelines worth $205.9 million. Genesis bought those stakes using an existing line of credit.
The Houston energy company paid a subsidiary of Marathon Oil Corp. for its 28 percent interest in Poseidon Oil Pipeline Co., its 29 percent interest in Odyssey Pipeline, and its 23 percent interest in the Eugene Island Pipeline System.
Altogether, the pipelines have a capacity to deliver 900,000 barrels of oil per day from offshore fields in the Gulf. An affiliate of Enterprise Products Partners operates the Poseidon while an affiliate of Royal Dutch Shell operates the Odyssey and Eugene Island pipelines.
In the wake of that deal, Genesis conducted a secondary public offering of 2.25 million common units at $27.79 apiece. Units included in that offering represented limited partner interests by unitholders including affiliates of Quintana Capital Group II LP, EIV Capital Fund LP and certain members of the Davison family.
Genesis said it would not receive any proceeds from the common units being sold by unitholders.
Genesis Energy dropped $1.22, or 3.8 percent, to $30.74 in morning trading.
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