GEL 8-K

Genesis Energy LP (GEL)

8-K 2023-02-23 For: 2023-02-17

View Original

Added on April 08, 2026


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


Exhibit Number		Description

10.1		Sixth Amended and Restated Credit Agreement, dated as of February 17, 2023, among Genesis Energy, L.P., as borrower, Wells Fargo Bank, National Association, as administrative agent, Bank of America, N.A., as syndication agent, and the lenders party thereto.

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


		GENESIS ENERGY, L.P. (a Delaware limited partnership)
	By:	GENESIS ENERGY, LLC, as its sole general partner

Date: February 23, 2023	By:	/s/ Robert V. Deere
		Robert V. Deere
		Chief Financial Officer


		Page
ARTICLE I.
DEFINITIONS

Section 1.01	Defined Terms		1
Section 1.02	Classification of Loans and Borrowings		48
Section 1.03	Terms Generally		48
Section 1.04	Accounting Terms; GAAP		48
Section 1.05	Rates		49
Section 1.06	Divisions		49

ARTICLE II.
THE CREDITS

Section 2.01	Commitments		49
Section 2.02	Loans and Borrowings		50
Section 2.03	Requests for Borrowings		50
Section 2.04	[Reserved]		51
Section 2.05	Committed Amount		51
Section 2.06	Letters of Credit		53
Section 2.07	Funding of Borrowings		57
Section 2.08	Interest Elections		58
Section 2.09	Termination and Reduction of Committed Amounts		59
Section 2.10	Repayment of Loans; Evidence of Debt		60
Section 2.11	Prepayment of Loans		60
Section 2.12	Fees		61
Section 2.13	Interest		62
Section 2.14	Changed Circumstances		63
Section 2.15	Increased Costs		66
Section 2.16	Break Funding Payments		67
Section 2.17	Taxes		68
Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Set-offs		69
Section 2.19	Mitigation Obligations; Replacement of Lenders		71
Section 2.20	Defaulting Lenders		72
Section 2.21	Extension of Maturity Date		75

ARTICLE III.
REPRESENTATIONS AND WARRANTIES

Section 3.01	Organization; Powers		77
Section 3.02	Authorization; Enforceability		77
Section 3.03	Governmental Approvals; No Conflicts		77
Section 3.04	Financial Condition; No Material Adverse Change		77
Section 3.05	Other Obligations and Restrictions		78


Section 3.06	Properties	78
Section 3.07	Litigation	78
Section 3.08	Compliance with Laws and Agreements	79
Section 3.09	Default	79
Section 3.10	Investment Company Status	79
Section 3.11	Taxes	79
Section 3.12	ERISA	79
Section 3.13	Disclosure; No Material Misstatements	80
Section 3.14	Insurance	80
Section 3.15	Agreements	80
Section 3.16	Solvency	81
Section 3.17	Labor Disputes	81
Section 3.18	Equity Interests and Subsidiaries; No Consent of Third Parties Required; Organizational Chart	81
Section 3.19	Intellectual Property	82
Section 3.20	Environmental Matters	83
Section 3.21	Security Documents	84
Section 3.22	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	84
Section 3.23	Federal Reserve Regulations	85
Section 3.24	Use of Proceeds	85

ARTICLE IV.
CONDITIONS

Section 4.01	Effective Date	85
Section 4.02	Each Credit Event	88

ARTICLE V.
AFFIRMATIVE COVENANTS

Section 5.01	Financial Statements; Ratings Change and Other Information	90
Section 5.02	Notices of Material Events	91
Section 5.03	Existence; Conduct of Business	92
Section 5.04	Payment of Obligations and Taxes	93
Section 5.05	[Reserved]	93
Section 5.06	Books and Records; Inspection Rights	93
Section 5.07	Compliance with Laws	93
Section 5.08	Use of Proceeds and Letters of Credit	93
Section 5.09	Environmental Laws	94
Section 5.10	Additional Collateral; Additional Guarantors	94
Section 5.11	Security Interests; Further Assurances	97
Section 5.12	Insurance	97
Section 5.13	Agreements Respecting Unrestricted Subsidiaries and Foreign Subsidiaries	98
Section 5.14	[Reserved]	99
Section 5.15	Compliance with Risk Management Requirements	99
Section 5.16	Inventory Financing Sublimit Tranche	99
Section 5.17	Post-Effective Date Items	99



ARTICLE VI.
NEGATIVE COVENANTS

Section 6.01	Indebtedness and Disqualified Equity	99
Section 6.02	Liens	101
Section 6.03	Fundamental Changes; Limitations on Business	103
Section 6.04	Investments, Loans, Advances, and Guarantees	103
Section 6.05	Acquisitions	105
Section 6.06	Sale of Assets	105
Section 6.07	Hedging Agreements	106
Section 6.08	Restricted Payments	106
Section 6.09	Transactions with Affiliates	107
Section 6.10	Restrictive Agreements	107
Section 6.11	Limitation on Modifications of Organizational Documents	108
Section 6.12	Creation of Subsidiaries	108
Section 6.13	Sale and Leasebacks	109
Section 6.14	Financial Condition Covenants	109
Section 6.15	Fiscal Year	109
Section 6.16	Control Agreements	109
Section 6.17	Prepayments on Indebtedness or Disqualified Equity	109
Section 6.18	Anti-Corruption Laws; Anti-Money Laundering Laws	110
Section 6.19	Sanctioned Persons	110
Section 6.20	Amendments to Risk Management Requirements	111
Section 6.21	[Reserved]	111
Section 6.22	CHOPS	111

ARTICLE VII.
EVENTS OF DEFAULT

Section 7.01	Events of Default	111
Section 7.02	Application of Proceeds	114

ARTICLE VIII.
THE ADMINISTRATIVE AGENT; THE ARRANGERS

Section 8.01	Appointment	115
Section 8.02	Delegation of Duties	116
Section 8.03	Exculpatory Provisions	116
Section 8.04	Reliance by the Administrative Agent and the Arrangers	116
Section 8.05	Notice of Default	117
Section 8.06	Non-Reliance on Administrative Agent or the Arrangers and Other Lenders	117
Section 8.07	Indemnification	117


Section 8.08	Administrative Agent and Arrangers in Their Respective Individual Capacities	118
Section 8.09	Successor Administrative Agent	118
Section 8.10	Successor Arranger	118
Section 8.11	Issuing Bank	119
Section 8.12	Collateral Matters	119
Section 8.13	Hedging Arrangements	120
Section 8.14	Erroneous Payments	120
Section 8.15	Designated Arranger	121
Section 8.16	Certain ERISA Matters	122

ARTICLE IX.
MISCELLANEOUS

Section 9.01	Notices	123
Section 9.02	Waivers; Amendments	124
Section 9.03	Expenses; Indemnity; Damage Waiver	126
Section 9.04	Successors and Assigns	127
Section 9.05	Survival	130
Section 9.06	Counterparts; Integration; Effectiveness	130
Section 9.07	Severability	130
Section 9.08	Right of Setoff	131
Section 9.09	Governing Law; Jurisdiction; Consent to Service of Process	131
Section 9.10	WAIVER OF JURY TRIAL	132
Section 9.11	Headings	132
Section 9.12	Confidentiality	132
Section 9.13	Interest Rate Limitation	133
Section 9.14	USA Patriot Act; Anti-Money Laundering Laws	133
Section 9.15	Limitation of Liability	133
Section 9.16	Acknowledgments	133
Section 9.17	Amendment and Restatement; Binding Effect	134
Section 9.18	[Reserved]	135
Section 9.19	Florida Mortgage Tax Provision	135
Section 9.20	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	135
Section 9.21	Acknowledgement Regarding Any Supported QFCs	136


SCHEDULES:

Schedule 2.01		Committed Amounts
Schedule 2.06		Existing Letters of Credit
Schedule 3.05		Certain Obligations
Schedule 3.06(a)		Properties
Schedule 3.07		Disclosed Matters
Schedule 3.14		Insurance
Schedule 3.18(a)		Subsidiaries and Joint Ventures
Schedule 3.18(b)		Consents
Schedule 3.18(c)		Organizational Chart
Schedule 3.19(c)		Copyright Violations
Schedule 5.12		Insurance
Schedule 5.15		Risk Management Requirements
Schedule 5.17		Post-Effective Date Items
Schedule 6.01		Indebtedness
Schedule 6.02		Liens
Schedule 6.04		Investments
Schedule 6.09		Transactions with Affiliates

EXHIBITS:

Exhibit A		Form of Assignment and Assumption
Exhibit B		Form of Committed Amount Decrease Certificate
Exhibit C		[Reserved]
Exhibit D		Form of Interest Election Request
Exhibit E		Form of Borrowing Request
Exhibit F		Form of Borrowing Base Certificate
Exhibit G		Form of Committed Amount Increase Certificate
Exhibit H		Form of Additional Lender Certificate
Exhibit I		Form of Compliance Certificate

ANNEXES:

Annex I		Specified Material Project EBITDA Adjustments


Leverage-Based Pricing Grid
Level	Consolidated Leverage Ratio	SOFR Margin			Base Rate Margin			Unused Fee on Committed Amount
I	≤ 3.00 to 1.00		2.25	%		1.25	%		0.30	%
II	> 3.00 to 1.00 but ≤ 3.50 to 1.00		2.50	%		1.50	%		0.40	%
III	> 3.50 to 1.00 but ≤ 4.00 to 1.00		2.75	%		1.75	%		0.50	%
IV	> 4.00 to 1.00 but ≤ 4.50 to 1.00		3.00	%		2.00	%		0.50	%
V	> 4.50 to 1.00 but ≤ 5.00 to 1.00		3.25	%		2.25	%		0.50	%
VI	>5.00 to 1.00		3.50	%		2.50	%		0.50	%


Ratings-Based Pricing Grid
Level	Rating (S&P/Moody’s)	SOFR Margin			Base Rate Margin			Unused Fee on Committed Amount
I	BBB+/Baa1 or higher		1.250	%		0.125	%		0.175	%
II	BBB/Baa2		1.500	%		0.500	%		0.200	%
III	BBB-/Baa3		1.750	%		0.750	%		0.250	%
IV	BB+/Ba1		2.000	%		1.000	%		0.300	%
V	Lower than BB+/Ba1		2.250	%		1.250	%		0.375	%


BORROWER:	GENESIS ENERGY, L.P.
	By: GENESIS ENERGY, LLC, its general partner

	By:	/s/ Robert V. Deere
	Name:	Robert V. Deere
	Title:	Chief Financial Officer


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

By:		/s/ Andrew Ostrov
Name:		Andrew Ostrov
Title:		Director


WELLS FARGO SECURITIES, LLC, as Designated Arranger

By:		/s/ Derik Swanson
Name:		Derik Swanson
Title:		Managing Director


BANK OF AMERICA, N.A., as Issuing Bank and a Lender

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


BOFA SECURITIES, INC., as Designated Arranger

By:		/s/ Brian C. Fox
Name:		Brian C. Fox
Title:		Managing Director


ROYAL BANK OF CANADA, as Designated Arranger and a Lender

By:		/s/ Jason S. York
Name:		Jason S. York
Title:		Authorized Signatory


BNP PARIBAS, as a Lender

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


CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

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


THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Lender

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


SUMITOMO MITSUI BANKING CORPORATION, as a Lender

By:		/s/ Jane Pedreira
Name:		Jane Pedreira
Title:		Director


REGIONS BANK, as a Lender

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


FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender

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


CITIBANK, N.A., as a Lender

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


CADENCE BANK, as a Lender

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


TRUSTMARK NATIONAL BANK, as a Lender

By:		/s/ Jeff Deutsch
Name:		Jeff Deutsch
Title:		SVP


COMERICA BANK, as a Lender

By:		/s/ Isabel Araujo
Name:		Isabel Araujo
Title:		Portfolio Manager


TRUIST BANK, as a Lender

By:		/s/ John Kovarik
Name:		John Kovarik
Title:		Director


CITIZENS BANK, N.A., as a Lender

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