Martin Midstream Partners Announces Successful Completion of Exchange Offer and Cash Tender Offer
August 12 2020 - 4:00PM
Martin Midstream Partners L.P. (the “Partnership”) and Martin
Midstream Finance Corp. (collectively, the “Issuers”) completed
their previously announced exchange offer (the “Exchange Offer”)
and consent solicitation to certain eligible holders of the
Issuers’ 7.25% senior unsecured notes due 2021 (the “Existing
Notes”) and separate but related cash tender offer (the “Cash
Tender Offer” and, together with the Exchange Offer, the “Offers”)
and consent solicitation to certain other holders of the Existing
Notes.
Pursuant to the Exchange Offer in exchange for $334,441,000 in
aggregate principal amount of Existing Notes, representing
approximately 91.76% of the outstanding aggregate principal amount
of the Existing Notes, the Issuers (i) paid $41,966,510 in cash,
plus $11,854,075.40 accrued and unpaid interest from and including
February 15, 2020 until the Settlement Date, (ii) issued
$291,969,885 in aggregate principal amount of the Issuers’ 11.50%
senior secured second lien notes due 2025 (the “Exchange Notes”),
and (iii) pursuant to the rights offering in connection with the
Exchange Offer, issued $53,749,957 aggregate principal amount of
the Issuers’ 10.00% senior secured 1.5 lien notes due 2024 (the
“New Notes”), which amount includes the previously disclosed $3.75
million backstop fee.
Pursuant to the Cash Tender Offer in exchange for $1,225,000 in
aggregate principal amount of Existing Notes, representing
approximately 0.34% of the outstanding aggregate principal amount
of Existing Notes, the Issuers paid $791,250 in cash, plus
$43,419.44 of accrued and unpaid interest on such Existing Notes
from February 15, 2020 up to, but not including, the Settlement
Date.
Ruben Martin, President and Chief Executive Officer of Martin
Midstream GP LLC, the general partner of the Partnership said, “We
appreciate the continued support of the participating holders and
are extremely pleased that over 92% of the holders of our Existing
Notes participated in the Offers. With the extension of our debt
maturity profile, the Partnership can focus on unlocking value
within our existing asset base and continue to strengthen our
balance sheet so we are better positioned for future growth
opportunities.”
This press release is for information purposes only and is not
an offer to purchase, a solicitation of an offer to purchase or a
solicitation of consents with respect to any of the Existing Notes.
The Offers have been made solely pursuant to the Offering
Memorandum or Offer to Purchase, as applicable, and the respective
related documents.
About Martin Midstream Partners
L.P.
Martin Midstream Partners L.P. is a publicly traded limited
partnership with a diverse set of operations focused primarily in
the United States Gulf Coast region. The Partnership’s
primary business lines include: (1) terminalling, processing,
storage, and packaging services for petroleum products and
by-products; (2) land and marine transportation services for
petroleum products and by-products, chemicals, and specialty
products; (3) sulfur and sulfur-based products processing,
manufacturing, marketing and distribution; and (4) natural gas
liquids marketing, distribution and transportation services.
Forward Looking Statements
Statements about the Partnership’s outlook and all other
statements in this release other than historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements and all references to financial estimates rely on a
number of assumptions concerning future events and are subject to a
number of uncertainties, including (i) the current and potential
impacts of the COVID-19 pandemic generally, on an industry-specific
basis, and on the Partnership’s specific operations and business,
(ii) the effects of the continued volatility of commodity prices
and the related macroeconomic and political environment, and (iii)
other factors, many of which are outside its control, which could
cause actual results to differ materially from such statements.
While the Partnership believes that the assumptions concerning
future events are reasonable, it cautions that there are inherent
difficulties in anticipating or predicting certain important
factors. A discussion of these factors, including risks and
uncertainties, is set forth in the Partnership’s annual and
quarterly reports filed from time to time with the Securities
and Exchange Commission (the “SEC”). The Partnership disclaims
any intention or obligation to revise any forward-looking
statements, including financial estimates, whether as a result of
new information, future events, or otherwise except where required
to do so by law.
The information in the Partnership’s website is not, and shall
not be deemed to be, a part of this notice or incorporated in
filings the Partnership makes with the SEC.
Additional information concerning the Partnership is
available on the Partnership’s website
at www.MMLP.com or by
contacting:
Sharon Taylor – Head of Investor Relations (877)
256-6644
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