Business
Martin Midstream Partners L.P. Announces Excess Cash Flow Offer to Purchase up to $9.3 Million Aggregate Principal Amount of Outstanding 11.50% Senior Secured Second Lien Notes Due 2025
KILGORE, Texas--(BUSINESS WIRE)-- Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) today announced that it is commencing a cash
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":" KILGORE, Texas--(BUSINESS WIRE)--\nMartin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) today announced that it is commencing a cash tender offer (the “Excess Cash Flow Offer”) to purchase up to $9,305,000 aggregate principal amount (the “Excess Cash Flow Offer Amount”) of its outstanding 11.50% Senior Secured Second Lien Notes due 2025 (the “Notes”) at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.\n\nThe Excess Cash Flow Offer is being made pursuant to requirements set forth in the indenture governing the Notes (the “Indenture”) that require if (i) the Partnership has Excess Cash Flow (as defined in the Indenture) for any 12 month period ending on December 31 of any fiscal year (any such period, an “ECF Period”) and (ii) as of the end of such ECF Period the Partnership’s Total Leverage Ratio (as defined in the Indenture) is greater than 3.75 to 1.00, the Partnership will make an offer to all registered holders (each a “Holder” and collectively, the “Holders”) of Notes to purchase the maximum principal amount of Notes that may be purchased with 25% of such Excess Cash Flow for such ECF Period.\n\nThe Partnership had Excess Cash Flow and a leverage ratio greater than 3.75 to 1.00 for the ECF Period ending December 31, 2021.\n\nThe Excess Cash Flow Offer will expire at 5:00 p.m., New York City time, on April 13, 2022, unless extended or the Excess Cash Flow Offer is earlier terminated by the Partnership, in its sole discretion such time and date as the same may be extended or earlier terminated. If the Notes in an aggregate principal amount in excess of the Excess Cash Flow Offer Amount are tendered pursuant to the Excess Cash Flow Offer, the Partnership will purchase Notes having an aggregate principal amount equal to the Excess Cash Flow Offer Amount on a pro rata basis from tendering Holders in accordance with the Indenture.\n\nTo the extent that the aggregate principal amount of Notes tendered pursuant to the Excess Cash Flow Offer is less than the Excess Cash Flow Offer Amount, the Partnership may use any remaining Excess Cash Flow Offer Amount for any purpose not otherwise prohibited by the Indenture.\n\nThe Excess Cash Flow Offer is being made pursuant to an Offer to Purchase, dated March 15, 2022 (the “O...