Genesis Energy, a U.S. midstream energy infrastructure and logistics services provider, announced that it has completed the divestiture of its Powder River Basin Midstream business and received approximately $300 million in total net cash proceeds.
Proceeds from the sale will be used by Genesis Energy to reduce the balance outstanding under its revolving credit facility.
The Powder River Basin Midstream business includes Genesis’ Powder River Basin Pipeline along with the associated crude oil gathering system and rail facility.
U.S. investment banks Deutsche Bank Securities Inc. and Raymond James & Associates, Inc. acted as financial advisors to Genesis.