Genesis Energy LP 8-K, filed Mar 5, 2025

Genesis Energy LP (GEL)

8-K 2025-03-05 For: 2025-02-27

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Added on April 08, 2026

About this 8-K

Genesis Energy LP filed this 8-K on March 5, 2025, reporting on events of February 27, 2025.

Items reported

Item 1.01: Entered into a material agreement
Item 2.01: Completed an acquisition or sale of assets
Item 5.02: Director or officer change, or executive pay
Item 7.01: Regulation FD disclosure
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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811 Louisiana, Suite 1200, Houston, Texas				77002
(Address of principal executive offices)				(Zip Code)


Exhibit Number		Description

2.1#		Membership Interest Purchase Agreement, dated February 28, 2025, by and among Genesis Energy, L.P., Genesis Alkali Holdings, LLC, Genesis Alkali Holdings Company, LLC, Ciner Enterprises Inc., and WE Soda US LLC.

10.1		Second Amendment and Consent to Seventh Amended and Restated Credit Agreement, dated as of February 27, 2025, among Genesis Energy, L.P., as the borrower, Wells Fargo Bank, National Association, as administrative agent and issuing bank, Bank of America, N.A., as syndication agent, and the lenders party thereto.

99.1		Press release dated March 3, 2025.

99.2		Press release dated March 4, 2025.

99.3		Unaudited pro forma condensed combined consolidated financial information of Genesis Energy, L.P.

104		Cover Page Interactive Data File (formatted as Inline XBRL).


		GENESIS ENERGY, L.P. (a Delaware limited partnership)

		GENESIS ENERGY, LLC,
	By:	sole general partner

Date: March 5, 2025	By:	/s/ Kristen O. Jesulaitis
		Kristen O. Jesulaitis
		Chief Financial Officer and Chief Legal Officer


		Page

ARTICLE I

DEFINITIONS; INTERPRETATION

1.1	Defined Terms		1
1.2	Other Definitions		13

ARTICLE II

THE SALE AND PURCHASE

2.1	Sale and Purchase of Acquired Interests		15
2.2	Total Purchase Price		15
2.3	Closing		15
2.4	Closing Adjustment		16
2.5	Post-Closing Statement		17
2.6	Reconciliation of Post-Closing Statements		17
2.7	Post-Closing Adjustment		19
2.8	Withholding		19

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

3.1	Organization and Qualification of the Alkali Group		19
3.2	Capitalization of the Members of the Alkali Group		20
3.3	Authority Relative to this Agreement		20
3.4	Consents and Approvals; No Violations		21
3.5	Financial Statements; Liabilities		21
3.6	Absence of Certain Changes or Events		22
3.7	Litigation		24
3.8	Compliance with Laws		24
3.9	Permits		25
3.10	Employee Benefit Plans		25
3.11	Employees; Labor Matters		27
3.12	Property		28
3.13	Taxes		29
3.14	Environmental Matters		30
3.15	Material Contracts		31
3.16	Intellectual Property		33
3.17	Intercompany Arrangements		35
3.18	Brokers		35
3.19	Title to Assets; Sufficiency of Assets		36


3.20	Insurance	36
3.21	Accounts Receivable	37
3.22	Inventory	37

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF SELLER

4.1	Organization and Qualification	38
4.2	Authority Relative to this Agreement	38
4.3	Consents and Approvals; No Violations	38
4.4	Title to Acquired Interests	39
4.5	Litigation	39
4.6	Brokers	39

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PURCHASER

5.1	Organization and Qualification	40
5.2	Authority Relative to this Agreement	40
5.3	Consents and Approvals; No Violations	40
5.4	[Intentionally Omitted]	41
5.5	Litigation	41
5.6	Brokers	41
5.7	Acquisition of Acquired Interests for Investment	41
5.8	Inspections; Limitation of the Company’s and Seller’s Warranties	42
5.9	No Regulatory Impediment	42
5.10	ERISA	42
5.11	Solvency	42
5.12	Representation and Warranty Policy	43
5.13	Trade Controls	43

ARTICLE VI

ADDITIONAL AGREEMENTS

6.1	Access to Books and Records	43
6.2	Confidentiality	45
6.3	[Intentionally Omitted]	46
6.4	[Intentionally Omitted]	46
6.5	[Intentionally Omitted]	46
6.6	[Intentionally Omitted]	46
6.7	Guarantees; Commitments	46
6.8	Insurance	47
6.9	Litigation Support	48


6.10	Non-Solicitation; Non-Competition	48
6.11	Directors and Officers	50
6.12	Shared Contracts; Assigned Contracts	52
6.13	Genesis Marks	53
6.14	Payments	54
6.15	Restrictions on Use of Certain Real Property	54
6.16	[Intentionally Omitted]	55
6.17	[Intentionally Omitted]	55
6.18	[Intentionally Omitted]	55
6.19	[Intentionally Omitted]	55
6.20	[Intentionally Omitted]	55
6.21	[Intentionally Omitted]	55
6.22	Release	55
6.23	[Intentionally Omitted]	56
6.24	[Intentionally Omitted]	56
6.25	Misallocated Assets	56
6.26	Further Assurances	56

ARTICLE VII

EMPLOYEE MATTERS COVENANTS

7.1	Employee Benefits Matters	57

ARTICLE VIII

TAX MATTERS

8.1	Tax Indemnification by Seller	59
8.2	Tax Indemnification by Purchaser	59
8.3	Straddle Periods	60
8.4	Tax Returns	60
8.5	Certain Tax, Refunds	61
8.6	Tax Contests.	61
8.7	Cooperation and Exchange of Information	62
8.8	[Intentionally Omitted]	63
8.9	Tax Treatment of Payments	63
8.10	Certain Tax Actions	63
8.11	Purchase Price Allocation	63
8.12	Transfer Taxes	63
8.13	Timing of Payments	64
8.14	Survival; Tax Matters Coordination	64


ARTICLE IX

[INTENTIONALLY OMITTED]

ARTICLE X

[INTENTIONALLY OMITTED]

ARTICLE XI

INDEMNIFICATION

11.1	Survival of Representations, Warranties, Covenants and Agreements	64
11.2	Indemnification by Seller	65
11.3	Indemnification by Purchaser	66
11.4	Indemnification Procedures	67
11.5	Exclusive Remedy and Release	69
11.6	Additional Indemnification Provisions	69
11.7	Limitation of Liability	70

ARTICLE XII

GENERAL PROVISIONS

12.1	Interpretation; Absence of Presumption	70
12.2	Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	71
12.3	Entire Agreement	72
12.4	No Third Party Beneficiaries	72
12.5	Expenses	72
12.6	Notices	73
12.7	Successors and Assigns	74
12.8	Amendments and Waivers	74
12.9	Severability	74
12.10	Specific Performance	74
12.11	No Admission	75
12.12	Counterparts	75
12.13	Guarantees	75
12.14	Waiver of Conflicts	76


Acquired Interests		Recitals
Agreement		Preamble
Alkali Group		Recitals
Attorney-Client Communication		Section 12.14
Cap		Section 11.2(b)(iii)
Closing		Section 2.1
Closing Adjustment		Section 2.4(a)
Closing Alkali Notes Amount		Section 2.5
Closing Cash and Cash Equivalents		Section 2.5
Closing Date		Section 2.3
Closing Notice		Section 2.4(a)
Company		Preamble
Company Disclosure Schedule		Article III
Continuing Employees		Section 7.1(a)
Controlling Party		Section 8.6(c)
Covered Losses		Section 6.11(c)
Covered Persons		Section 6.11(a)
De Minimis Amount		Section 11.2(b)(i)
Deductible		Section 11.2(b)(ii)
Environmental Permits		Section 3.14(a)(ii)
Estimated Alkali Notes Amount		Section 2.4(a)
Estimated Cash and Cash Equivalents		Section 2.4(a)
Exempt Information		Section 6.2(b)
FCPA		Section 3.8(b)
Final Adjustment Amount		Section 2.6(c)
Final Post-Closing Adjustment Statement		Section 2.6(c)
Financial Assurance		Section 3.14(a)(i)
Financial Statements		Section 3.5(a)
Indemnified Guarantees		Section 6.7(a)


Indemnified Party		Section 11.4(a)
Indemnifying Party		Section 11.4(a)
Indemnity Agreement		Section 6.7(c)
Independent Accounting Firm		Section 2.6(c)
Interim Financial Statements		Section 3.5(a)
IP Contracts		Section 3.16(d)
IRS		Section 3.10(b)
Leases		Section 3.12(c)
Material Contracts		Section 3.15(a)
Mineral Rights		Section 3.12(a)
Money Laundering Laws		Section 3.8(c)
New Plans		Section 7.1(b)
Non-Controlling Party		Section 8.6(c)
Notice of Disagreement		Section 2.6(a)
Parties		Preamble
Party		Preamble
Permitted Railcar Use		Section 6.13
Phase-Out Period		Section 6.13
Post-Closing Adjustment		Section 2.6
Post-Closing Adjustment Statement		Section 2.5
Pre-Adjustment Amount		Section 2.2
Pre-Closing Separate Tax Return		Section 8.4(a)
Purchase Price		Section 2.2
Purchaser		Preamble
Purchaser Causes of Action		Section 6.22(a)(i)
Purchaser Disclosure Schedule		Article V
Purchaser Fundamental Representations		Section 11.3(c)
Purchaser Indemnified Parties		Section 11.2(a)
Purchaser Parent		Preamble
Purchaser Released Persons		Section 6.22(a)(i)
Purchaser Tax Indemnified Parties		Section 8.1
R&W Policy		Section 5.12
Real Property		Section 3.12(b)
Reclamation Requirements		Section 6.7(c)
Resolution Period		Section 2.6(b)
Retention Amount		Section 5.12
Sale		Section 2.1
Seller		Preamble
Seller Benefit Plans		Section 7.1(c)
Seller Fundamental Representations		Section 11.1(a)
Seller Guarantors		Section 6.7(a)
Seller Indemnified Parties		Section 11.3(a)
Seller Parent		Preamble
Seller Tax Indemnified Parties		Section 8.2
Shared Contract		Section 6.12(a)
Straddle Period Separate Tax Return		Section 8.4(b)


Surety Bond Issuer		Section 6.7(c)
Surety Bonds		Section 6.7(c)
Third Party Claim		Section 11.4(a)
Trade Controls		Section 3.8(b)
Union Agreements		Section 3.11(a)
WARN		Section 3.11(a)
Wyoming DEQ		Section 6.7(c)


GENESIS ALKALI HOLDINGS, LLC

By:		/s/ Grant E. Sims
		Name: Grant E. Sims
		Title: Chief Executive Officer

GENESIS ALKALI HOLDINGS COMPANY, LLC

By:		/s/ Grant E. Sims
		Name: Grant E. Sims
		Title: Chief Executive Officer

Genesis Energy, L.P., solely for purposes of Section 6.2(a), Section 12.13 and generally applicable provisions of Article XII

By: Genesis Energy, LLC, its general partner

By:		/s/ Grant E. Sims
		Name: Grant E. Sims
		Title: Chairman & Chief Executive Officer


WE SODA US LLC

By:		/s/ Oğuz Erkan
		Name: Oğuz Erkan
		Title: Chief Executive Officer

Ciner Enterprises Inc., solely for purposes of Section 6.2(a), Section 12.13 and generally applicable provisions of Article XII

By:		/s/ Oğuz Erkan
		Name: Oğuz Erkan
		Title: Chief Executive Officer


BORROWER:

GENESIS ENERGY, L.P.

By:		GENESIS ENERGY, LLC,
		its general partner

By:		/s/ Kristen O. Jesulaitis
Name: Kristen O. Jesulaitis
Title: Chief Financial Officer and Chief Legal Officer


WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Issuing Bank and a Lender

By:		/s/ Emily Board
Name: Emily Board
Title: Vice President


Bank of America, N.A. ,
as a Lender

By:		/s/ Greg Smothers
Name:		Greg Smothers
Title:		Director


BNP Paribas, as a Lender

By:		/s/ Sriram Chandrasekaran
Name:		Sriram Chandrasekaran
Title:		Director

By:		/s/ Andrey Pimenov
Name:		Andrey Pimenov
Title:		Vice President


Capital One, National Association,
as a Lender

By:		/s/ Chris Kuna
Name:		Chris Kuna
Title:		Senior Director


CITIBANK, N.A. ,
as a Lender

By:		/s/ Todd Mogil
Name:		Todd Mogil
Title:		Vice President


CITIZENS BANK, N.A. ,
as a Lender

By:		/s/ Scott Donaldson
Name:		Scott Donaldson
Title:		Senior Vice President


FIFTH THIRD BANK, NATIONAL ASSOCIATION,
as a Lender

By:		/s/ Jonathan H. Lee
Name:		Jonathan H. Lee
Title:		Managing Director


PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By:		/s/ Danielle Bernicky
Name:		Danielle Bernicky
Title:		Officer


REGIONS BANK,
as a Lender

By:		/s/ David Valentine
Name:		David Valentine
Title:		Managing Director


ROYAL BANK OF CANADA,
as a Lender

By:		/s/ Michael Sharp
Name:		Michael Sharp
Title:		Authorized Signatory


SUMITOMO MITSUI BANKING CORPORATION, as a Lender

By:		/s/ Mary Harold
Name:		Mary Harold
Title:		Managing Director


The Bank of Nova Scotia, Houston Branch,
as a Lender

By:		/s/ Joe Lattanzi
Name:		Joe Lattanzi
Title:		Managing Director


Truist Bank,
as a Lender

By:		/s/ Farhan Iqbal
Name:		Farhan Iqbal
Title:		Director


CADENCE BANK,
as a Lender

By:		/s/ Michael Magee, Jr.
Name:		Michael Magee, Jr.
Title:		Senior Vice President


COMERICA BANK,
as a Lender

By:		/s/ Britney P. Moore
Name:		Britney P. Moore
Title:		Vice President


First-Citizens Bank & Trust Company,
as a Lender

By:		/s/ John Feeley
Name:		John Feeley
Title:		Managing Director


Trustmark National Bank,
as a Lender

By:		/s/ Jeff Deutsch
Name:		Jeff Deutsch
Title:		Senior Vice President


Name of Lender	Committed Amount ($)
Wells Fargo Bank, National Association	$	52,666,666.67
Bank of America, N.A.	$	52,666,666.67
BNP Paribas	$	52,666,666.67
Capital One, National Association	$	52,666,666.67
Citibank, N.A.	$	52,666,666.67
Citizens Bank, N.A.	$	52,666,666.67
Fifth Third Bank, National Association	$	52,666,666.67
PNC Bank, National Association	$	52,666,666.67
Regions Bank	$	52,666,666.67
Royal Bank of Canada	$	52,666,666.67
Sumitomo Mitsui Banking Corporation	$	52,666,666.67
The Bank of Nova Scotia, Houston Branch	$	52,666,666.67
Truist Bank	$	52,666,666.67
Cadence Bank	$	35,333,333.31
Comerica Bank	$	26,666,666.66
First-Citizens Bank & Trust Company	$	26,666,666.66
Trustmark National Bank	$	26,666,666.66

Total	$	800,000,000.00


	Genesis Energy, L.P. As Reported			(a) Historical Company Adjustments			Pro Forma Transaction Adjustments			Notes		Pro Forma Genesis Energy, L.P.
Cash and Cash Equivalents	$	10,748		$	(3,396	)	$	361,220			(b)	$	368,572
Restricted Cash		18,804			(18,804	)		—					—
Accounts Receivable-trade, net		740,584			(261,080	)		—					479,504
Inventories		110,739			(72,957	)		—					37,782
Other current assets		30,858			(12,070	)		—					18,788

Total Current Assets		911,733			(368,307	)		361,220					904,646
Fixed Assets, at cost		6,874,455			(1,593,595	)		—					5,280,860
Less: Accumulated depreciation		(2,206,947	)		465,973			—					(1,740,974	)

Net Fixed Assets		4,667,508			(1,127,622	)		—					3,539,886
Mineral Leaseholds, net of accumulated depletion		535,551			(535,551	)		—					—
Equity Investees		240,368			—			—					240,368
Intangible Assets, net of amortization		97,285			(11,998	)		—					85,287
Goodwill		301,959			—			—					301,959
Right of Use Assets, Net		228,186			(162,447	)		—					65,739
Other Assets, net of amortization		55,102			(1,496	)		—					53,606

Total Assets	$	7,037,692		$	(2,207,421	)	$	361,220				$	5,191,491


Accounts Payable	$	491,070		$	(102,825	)	$	—				$	388,245
Accrued Liabilities		367,685			(113,483	)		18,901			(c)		273,103

Total Current Liabilities		858,755			(216,308	)		18,901					661,348
Senior Secured Credit Facility		291,000			—			(291,000	)		(b)		—
Senior Unsecured Notes, net of debt issuance costs, discount and premium		3,436,860			—			(405,312	)		(b)		3,031,548
Alkali Senior Secured Notes, net of debt issuance costs and discount		379,293			(379,293	)		—					—
Deferred Tax Liabilities		17,801			(1,226	)		—					16,575
Other Long-Term Liabilities		538,200			(149,039	)		—					389,161

Total Liabilities		5,521,909			(745,866	)		(677,411	)				4,098,632

Class A Convertible Preferred Units, 23,111,918 issued and outstanding at December 31, 2024		813,589			—			—					813,589
Common unitholders, 122,464,318 units issued and outstanding at December 31, 2024		279,891			(1,452,069	)		1,038,631			(b)		(133,547	)
Accumulated other comprehensive income		9,486			(9,486	)		—					—
Noncontrolling interests		412,817			—			—					412,817

Total Partners’ Capital		702,194			(1,461,555	)		1,038,631					279,270

Total Liabilities, Mezzanine Capital, and Partners’ Capital	$	7,037,692		$	(2,207,421	)	$	361,220				$	5,191,491


	Genesis Energy, L.P. As Reported			(a) Historical Company Adjustments			Pro Forma Adjustments			Notes	Pro Forma Genesis Energy, L.P.
REVENUES
Offshore pipeline transportation	$	404,919		$	—		$	—			$	404,919
Soda and sulfur services		1,540,723			(1,305,382	)		—				235,341
Marine transportation		321,616			—			—				321,616
Onshore facilities and transportation		698,958			—			—				698,958

Total revenues		2,966,216			(1,305,382	)		—				1,660,834
COSTS AND EXPENSES:
Offshore pipeline transportation operating costs		117,207			—			—				117,207
Soda and sulfur services operating costs		1,352,044			(1,154,666	)		—				197,378
Marine transportation operating costs		196,602			—			—				196,602
Onshore facilities and transportation product costs		599,925			—			—				599,925
Onshore facilities and transportation operating costs		71,749			—			—				71,749
General and administrative		59,432			(1,103	)		25,000		(b)		83,329
Depreciation, depletion, and amortization		313,158			(106,472	)		—				206,686
Loss on sale of assets		—			—			367,984		(c)		367,984
Impairment expense		43,003			—			—				43,003

Total costs and expenses		2,753,120			(1,262,241	)		392,984				1,883,863

OPERATING INCOME (LOSS)		213,096			(43,141	)		(392,984	)			(223,029	)
Equity in earnings of equity investees		58,291			—			—				58,291
Interest expense, net		(287,235	)		25,360			56,911		(d)		(204,964	)
Other expense		(15,367	)		—			(9,594	)	(e)		(24,961	)

Income (loss) from operations before income taxes		(31,215	)		(17,781	)		(345,667	)			(394,663	)

Income tax benefit (expense)		(1,792	)		100							(1,692	)

NET LOSS		(33,007	)		(17,681	)		(345,667	)			(396,355	)
Net income attributable to noncontrolling interests		(30,940	)		—			—				(30,940	)

NET LOSS ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	(63,947	)	$	(17,681	)	$	(345,667	)		$	(427,295	)

Less: Accumulated distributions attributable to Class A Convertible Preferred Units		(87,576	)		—			—				(87,576	)

NET LOSS ATTRIBUTABLE TO COMMON UNITHOLDERS	$	(151,523	)	$	(17,681	)	$	(345,667	)		$	(514,871	)

Basic and Diluted Weighted Average Outstanding Common Units		122,464			122,464			122,464				122,464
Basic and Diluted Net Loss Per Common Unit	$	(1.24	)	$	(0.14	)	$	(2.82	)		$	(4.20	)


	Genesis Energy, L.P. As Reported			(a) Historical Company Adjustments			Pro Forma Genesis Energy, L.P.
REVENUES
Offshore pipeline transportation	$	382,154		$	—		$	382,154
Soda and sulfur services		1,734,248			(1,455,673	)		278,575
Marine transportation		327,464			—			327,464
Onshore facilities and transportation		733,130			—			733,130

Total revenues		3,176,996			(1,455,673	)		1,721,323

COSTS AND EXPENSES:
Offshore pipeline transportation operating costs		96,025			—			96,025
Soda and sulfur services operating costs		1,479,425			(1,248,583	)		230,842
Marine transportation operating costs		218,403			—			218,403
Onshore facilities and transportation product costs		637,179			—			637,179
Onshore facilities and transportation operating costs		70,576			—			70,576
General and administrative		65,779			(1,227	)		64,552
Depreciation, depletion, and amortization		280,189			(81,073	)		199,116

Total costs and expenses		2,847,576			(1,330,883	)		1,516,693

OPERATING INCOME		329,420			(124,790	)		204,630
Equity in earnings of equity investees		66,198			—			66,198
Interest expense, net		(244,663	)		25,598			(219,065	)
Other expense		(4,627	)		—			(4,627	)

Income from operations before income taxes		146,328			(99,192	)		47,136

Income tax benefit (expense)		19			(475	)		(456	)

NET INCOME		146,347			(99,667	)		46,680
Net income attributable to noncontrolling interests		(28,627	)		—			(28,627	)

NET INCOME ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	117,720		$	(99,667	)	$	18,053

Less: Accumulated distributions and returns attributable to Class A Convertible Preferred Units		(90,725	)		—			(90,725	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON UNITHOLDERS	$	26,995		$	(99,667	)	$	(72,672	)

Basic and Diluted Weighted Average Outstanding Common Units		122,535			122,535			122,535
Basic and Diluted Net Income (Loss) Per Common Unit	$	0.22		$	(0.81	)	$	(0.59	)