Martin Midstream starts $9.3 million cash flow offer for 11˝% notes

Chicago, March 15 – Martin Midstream Partners LP started a 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.

The company is offering par plus interest to the purchase date.

The offer is being 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 must make an offer to purchase notes with 25% of the excess cash flow.

The offer will expire at 5 p.m. ET on April 13.

If the offer is oversubscribed, tenders will be prorated.

If the offer is 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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