Business
Martin Midstream Partners L.P. Announces Exchange Offer For Existing Notes, Solicitation of Acceptances of a Prepackaged Plan and Separate Related Cash Tender Offer Open to Certain Investors
KILGORE, Texas, July 09, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the “Partnership”) today announced that it and its
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"KILGORE, Texas, July 09, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the “Partnership”) today announced that it and its subsidiary, Martin Midstream Finance Corp. (“FinanceCo” and, together with the Partnership, the “Issuers”), have commenced two separate but concurrent transactions, and related consent solicitations, to extend the maturities of the Partnership’s indebtedness (the “Offers”) by purchasing or exchanging, as applicable, the Issuers’ outstanding 7.25% senior unsecured notes due 2021 (the “Existing Notes”).\n The Offers and the Plan Solicitation (as defined below) will expire at 5:00 p.m., New York City time, on August 6, 2020, unless extended or earlier terminated by the Partnership (such date and time with respect to an Offer, as the same may be extended or earlier terminated with respect to such Offer, the “Expiration Time”). Existing Notes tendered for purchase or exchange, as applicable, may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on July 22, 2020, unless extended by the Partnership (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “Early Participation Date”), but not thereafter. The settlement date with respect to each Offer is expected to occur within three business days of the Expiration Time, subject to all conditions to such Offer and the related consent solicitations (as described below) having been satisfied or, where possible, waived by the Partnership, which is expected to be on or about August 11, 2020 (such date and time, as the same may be extended with respect to an Offer, the “Settlement Date”). Holders that validly tender and do not validly withdraw Existing Notes prior to the Early Participation Date will receive additional consideration in the applicable Offer as described below. The Offers are subject to certain closing conditions, including, among other things, participation in the Offers by at least 95% of the outstanding principal amount of Existing Notes as of the Expiration Time (the “Minimum Participation Condition”). Certain holders of the Existing Notes (the “Supporting Holders”), who as of the date hereof, beneficially owned approximately $270.7 million aggregate principal amount, or approximately 74.3%, of the outstanding Existing Notes, have agreed to, among other things...