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Martin Midstream Partners announces successful completion of exchange and cash tender offer

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World Pipelines,


Martin Midstream Partners L.P. (the Partnership) and Martin Midstream Finance Corp. (collectively, the Issuers) completed their previously announced exchange offer (the Exchange Offer) and consent solicitation to certain eligible holders of the Issuers’ 7.25% senior unsecured notes due 2021 (the Existing Notes) and separate but related cash tender offer (the Cash Tender Offer and, together with the Exchange Offer, the Offers) and consent solicitation to certain other holders of the Existing Notes.

Pursuant to the Exchange Offer in exchange for US$334 441 000 in aggregate principal amount of Existing Notes, representing approximately 91.76% of the outstanding aggregate principal amount of the Existing Notes, the Issuers (i) paid US$41 966 510 in cash, plus US$11 854 075.40 accrued and unpaid interest from and including 15 February, 2020 until the Settlement Date, (ii) issued US$291 969 885 in aggregate principal amount of the Issuers’ 11.50% senior secured second lien notes due 2025 (the Exchange Notes), and (iii) pursuant to the rights offering in connection with the Exchange Offer, issued US$53 749 957 aggregate principal amount of the Issuers’ 10.00% senior secured 1.5 lien notes due 2024 (the New Notes), which amount includes the previously disclosed US$3.75 million backstop fee.

Pursuant to the Cash Tender Offer in exchange for US$1 225 000 in aggregate principal amount of Existing Notes, representing approximately 0.34% of the outstanding aggregate principal amount of Existing Notes, the Issuers paid US$791 250 in cash, plus US$43 419.44 of accrued and unpaid interest on such Existing Notes from 15 February, 2020 up to, but not including, the Settlement Date.

Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, “We appreciate the continued support of the participating holders and are extremely pleased that over 92% of the holders of our Existing Notes participated in the Offers. With the extension of our debt maturity profile, the Partnership can focus on unlocking value within our existing asset base and continue to strengthen our balance sheet so we are better positioned for future growth opportunities.”

This press release is for information purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any of the Existing Notes. The Offers have been made solely pursuant to the Offering Memorandum or Offer to Purchase, as applicable, and the respective related documents.

Read the article online at: https://www.worldpipelines.com/business-news/13082020/martin-midstream-partners-announces-successful-completion-of-exchange-and-cash-tender-offer/

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