Martin Midstream Partners L.P. Announces Expiration and Results for Its Cash Tender Offers for Any and All of Its Outstanding 10.00% Senior Secured 1.5 Lien Notes Due 2024 and 11.50% Senior Secured Second Lien Notes Due 2025
06 Février 2023 - 3:25PM
Business Wire
Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) today
announced the expiration and results of its previously announced
cash tender offers to purchase (i) any and all of the approximately
$53.7 million outstanding aggregate principal amount of the 10.00%
senior secured 1.5 lien notes due 2024 (the “2024 Notes”) issued by
MMLP and its wholly owned subsidiary, Martin Midstream Finance
Corp. (together with MMLP, the “Issuers”), and (ii) any and all of
the approximately $291.4 million outstanding aggregate principal
amount of the Issuers’ 11.50% senior secured second lien notes due
2025 (the “2025 Notes” and, together with the 2024 Notes, the
“Existing Notes”), with a portion of the net proceeds from the
Issuers’ concurrent private placement of $400 million in aggregate
principal amount of 11.500% senior secured second lien notes due
2028 (the “New Notes”), which private placement is expected to
close on February 8, 2023, subject to customary conditions.
The tender offers expired at 5:00 p.m., New York City time, on
February 3, 2023 (the “Expiration Time”). As of the Expiration
Time, an aggregate principal amount of (i) $53,748,045, or
approximately 99.997%, of the 2024 Notes and (ii) $289,057,831, or
approximately 99.203%, of the 2025 Notes were validly tendered and
not validly withdrawn. Subject to completion of the New Notes
placement described above, MMLP expects to accept for payment all
Existing Notes validly tendered prior to the Expiration Time
pursuant to the offer to purchase and expects to make payment for
all such Existing Notes on February 8, 2023.
The Issuers will exercise their optional redemption rights with
respect to the outstanding Existing Notes and satisfy and discharge
each indenture governing the Existing Notes (the “Indentures”), as
applicable, on the settlement date, in accordance with the terms of
the Indentures. Neither this statement nor the tender offers
constitute a notice of redemption under the provisions of the
Indentures.
Requests for documents relating to the tender offers may be
directed to D.F. King & Co., Inc., the information agent for
the tender offers, at (800) 628-8510 (Toll-Free) or (212) 269-5550,
by email at mmlp@dfking.com, or via the following web address:
www.dfking.com/mmlp. Wells Fargo Securities, LLC acted as the
Dealer Manager for the tender offers. Questions regarding the
tender offers may be directed to the Dealer Manager at (866)
309-6316 (toll-free) or (704) 410-4756 (collect).
This press release does not constitute a notice of redemption
under the optional redemption provisions of the Indentures, nor
does it constitute an offer to sell, or a solicitation of an offer
to buy, any security, including the New Notes or the Existing
Notes, nor does it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About MMLP
MMLP, headquartered in Kilgore, Texas, is a publicly traded
limited partnership with a diverse set of operations focused
primarily in the Gulf Coast region of the United States. MMLP’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
All 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 effects of the continued
volatility of commodity prices and the related macroeconomic and
political environment, (ii) risks and uncertainties related to the
capital markets generally, (iii) whether the Issuers will
consummate the offering of the New Notes and (iv) other factors,
many of which are outside its control, which could cause actual
results to differ materially from such statements. While MMLP
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 MMLP’s annual and quarterly reports filed from time to time with
the Securities and Exchange Commission. MMLP 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.
MMLP-F
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version on businesswire.com: https://www.businesswire.com/news/home/20230206005233/en/
Sharon Taylor Chief Financial Officer (877) 256-6644
investor.relations@mmlp.com
Martin Midstream Partners (NASDAQ:MMLP)
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