Martin Midstream Companions Proclaims Modification To Revolving Credit score Facility
KILGORE, Texas, January 30, 2023–(BUSINESS WIRE)–Martin Midstream Companions L.P. (NASDAQ:MMLP) (“MMLP”) introduced at this time that its wholly owned subsidiary, Martin Working Partnership L.P., as borrower, MMLP and sure of MMLP’s different subsidiaries, as guarantors, entered into an modification to MMLP’s current revolving credit score facility (as so amended, the “Amended Credit score Facility”). The Amended Credit score Facility will change into efficient upon the closing of the providing by MMLP and its wholly owned subsidiary, Martin Midstream Finance Corp., of $400 million in mixture principal quantity of senior secured second lien notes due 2028 (the “Notes”), which was additionally introduced at this time by MMLP, and the satisfaction of sure different circumstances associated thereto. The Amended Credit score Facility amends MMLP’s current revolving credit score facility entered into on March 28, 2013 to, amongst different issues, (i) lengthen the said maturity date from August 2023 to February 2027; (ii) cut back the commitments from $275.0 million to $200.0 million, then additional cut back such commitments to $175.0 million on June 30, 2023 after which additional cut back such commitments to $150.0 million on June 30, 2024; and (iii) allow the revolving credit score facility to be elevated every now and then upon MMLP’s written request, topic to sure circumstances (together with the consent of the rising lenders), as much as a further $50.0 million.
This press launch doesn’t represent a proposal to promote any safety, together with the Notes, nor a solicitation for a proposal to buy any safety, together with the Notes, and shall not represent a proposal, solicitation or sale in any jurisdiction during which such providing, solicitation or sale can be illegal.
About Martin Midstream Companions
MMLP, headquartered in Kilgore, Texas, is a publicly traded restricted partnership with a various set of operations centered primarily within the Gulf Coast area of the US. MMLP’s major enterprise strains embrace: (1) terminalling, processing, storage, and packaging providers for petroleum merchandise and by-products; (2) land and marine transportation providers for petroleum merchandise and by-products, chemical substances, and specialty merchandise; (3) sulfur and sulfur-based merchandise processing, manufacturing, advertising and distribution; and (4) pure fuel liquids advertising, distribution, and transportation providers.
All statements on this launch aside from historic information are forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements depend on various assumptions regarding future occasions and are topic to various uncertainties, together with (i) the results of the continued volatility of commodity costs and the associated macroeconomic and political surroundings, (ii) dangers and uncertainties associated to the capital markets usually, (iii) whether or not the Issuers will supply the Notes or consummate the providing, and (iv) different components, lots of that are outdoors its management, which may trigger precise outcomes to vary materially from such statements. Whereas MMLP believes that the assumptions regarding future occasions are cheap, it cautions that there are inherent difficulties in anticipating or predicting sure necessary components. A dialogue of those components, together with dangers and uncertainties, is about forth in MMLP’s annual and quarterly stories filed every now and then with the Securities and Change Fee (the “SEC”). MMLP disclaims any intention or obligation to revise any forward-looking statements, together with monetary estimates, whether or not on account of new info, future occasions, or in any other case besides the place required to take action by regulation.
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Chief Monetary Officer