09:07 AM EDT, 05/06/2024 (MT Newswires) -- Genesis Energy (GEL) said Monday that it has launched an underwritten public offering of $500 million worth of senior unsecured notes due 2032.

The company said the notes will be co-issued with its subsidiary Genesis Energy Finance Corporation.

Genesis Energy said it plans to use some of the net proceeds from the offering to redeem all of its outstanding 6.250% senior unsecured notes due 2026, with the remainder going toward general partnership purposes, including repaying a portion of the outstanding borrowings under its credit facility.

Shares of the company were up nearly 2% in recent premarket activity.

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