Akin Gump advised Genesis Energy, LP on the sale of its Powder River Basin midstream business for approximately $300 million in net proceeds to an affiliate of Silver Creek Midstream, LLC.
Proceeds from the sale will be used by Genesis to reduce the balance outstanding under its revolving credit facility.
Genesis signed a definitive agreement on August 29 to sell its Powder River Basin midstream business, which includes its Powder River Basin Pipeline along with the associated crude oil gathering system and rail facility. That sale is subject to customary closing conditions, including obtaining regulatory approvals. It is expected to close in the third quarter of 2018.
The Akin Gump team was led by corporate attorneys Christopher Centrich (Picture) and Patrick Hurley, both members of the firm’s oil and gas practice. The Akin Gump team also included corporate attorneys Vince Kendrick, Jacob Johnson and Allyson Li; tax partner Alison Chen; antitrust partner Paul Hewitt and senior practice attorney Stacy Kobrick; employee benefits senior counsel Michael Gerald; and environment and natural resources partner David Quigley.
Involved fees earner: Christopher Centrich – Akin Gump; Patrick Hurley – Akin Gump; Vincent Kendrick – Akin Gump; Jacob Johnson – Akin Gump; Allyson Li – Akin Gump; Alison Chen – Akin Gump; Paul Hewitt – Akin Gump; Stacy Kobrick – Akin Gump; Michael Gerald – Akin Gump; David Quigley – Akin Gump;
Law Firms: Akin Gump;
Clients: Genesis Energy, L.P.;