Company sells 1,171,265 common units at $38.42 apiece through offering
By Devika Patel
Knoxville, Tenn., Aug. 22 – Martin Midstream Partners LP raised $45 million in a private placement of common units with Martin Product Sales LLC on Aug. 22, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on Aug. 20.
The company sold 1,171,265 units at $38.42 per unit. The price per unit is a 4.24% discount to the Aug. 19 closing share price of $40.12 and is based on the 10-day weighted average price of the common units for the 10 trading days ending Aug. 8.
Proceeds will be used to repay a portion of debt under the company’s revolving credit facility.
Martin Midstream is a Kilgore, Texas-based company that collects, transports, stores and markets petroleum products and byproducts.
| Issuer: | Martin Midstream Partners LP
|
| Issue: | Common units
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| Amount: | $45 million
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| Units: | 1,171,265
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| Price: | $38.42
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| Warrants: | No
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| Investor: | Martin Product Sales LLC
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| Pricing date: | Aug. 20
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| Settlement date: | Aug. 22
|
| Stock symbol: | Nasdaq: MMLP
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| Stock price: | $40.12 at close Aug. 19
|
| Market capitalization: | $1.21 billion
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