Martin Midstream starts tender offer for 10%, 11½% senior notes

Chicago, Jan. 30 – Martin Midstream Partners LP started tender offers on Monday for two senior secured notes, according to a press release.

The company is offering to buy any and all of the $53,749,909 outstanding 10% senior secured 1.5-lien notes due 2024 issued by Martin Midstream Partners and wholly owned subsidiary Martin Midstream Finance Corp. (Cusips: 573334AF6, 573334AG4, U57363AD2) and any and all of the $291,380,656 outstanding 11½% senior secured second-lien notes due 2025 (Cusips: 573334AH2, 573334AJ8, U57363AE0).

For the notes due 2024, the offer is for $1,015.50 per $1,000 principal amount and for the notes due 2025 the offer is for $1,006.90 per $1,000 of notes. Interest will also be paid to the settlement date.

The offers will expire at 5 p.m. ET on Feb. 3.

The offer is expected to settle on Feb. 8.

There are guaranteed delivery procedures.

The guaranteed delivery date is 5 p.m. ET on Feb. 7.

The offer is being funded with a placement of senior secured second-lien notes due 2028.

The purpose of the offer is to refinance the notes with proceeds from the proposed refinancing.

The company said that it plans to redeem any existing notes outstanding after the tender offers at the relevant redemption price using the optional redemption provisions in the indentures.

Wells Fargo Securities, LLC will be the dealer manager (866 309-6316, 704 410-4756).

D.F. King & Co., Inc. is the information agent for the offer (800 628-8510, 212 269-5550, mmlp@dfking.com, www.dfking.com/mmlp).

The issuer is a Kilgore, Tex.-based midstream services provider.

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