Martin Midstream reports $589,229 11˝% notes tendered

By William Gullotti

Buffalo, N.Y., April 14 – Martin Midstream Partners LP gave the results of its cash tender offer for up to $9,305,000 principal amount of its 11˝% senior secured second-lien notes due 2025, according to a press release.

When the offer expired at 5 p.m. ET on April 13, a total principal amount of $589,229, or approximately 0.2%, of the notes had been validly tendered and not validly withdrawn. All tendered notes were accepted, with payment made Thursday.

As announced on March 15, the offer was made pursuant to requirements in the indenture governing the notes. The partnership had excess cash flow for the 12 months ending on Dec. 31, and the partnership’s total leverage ratio was greater than 3.75x. Because of this, the company had to make an offer to purchase notes with 25% of the excess cash flow.

Because the offer was undersubscribed, Martin Midstream will use the cash for other purposes.

D.F. King & Co., Inc is the tender agent for the offer (800 628-8532, 212 269-5550, mmlp@dfking.com).

Martin Midstream is a Kilgore, Tex.-based company that collects, transports, stores and markets petroleum products and byproducts.

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