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Martin Midstream Partners L.P. Announces Expiration and Results for Its Cash Tender Offers for Any and All of Its Outstanding 10.00% Senior Secured 1.5 Lien Notes Due 2024 and 11.50% Senior Secured Second Lien Notes Due 2025
KILGORE, Texas--(BUSINESS WIRE)-- Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) today announced the expiration and results of its previously
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":" KILGORE, Texas--(BUSINESS WIRE)--\nMartin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) today announced the expiration and results of its previously announced cash tender offers to purchase (i) any and all of the approximately $53.7 million outstanding aggregate principal amount of the 10.00% senior secured 1.5 lien notes due 2024 (the “2024 Notes”) issued by MMLP and its wholly owned subsidiary, Martin Midstream Finance Corp. (together with MMLP, the “Issuers”), and (ii) any and all of the approximately $291.4 million outstanding aggregate principal amount of the Issuers’ 11.50% senior secured second lien notes due 2025 (the “2025 Notes” and, together with the 2024 Notes, the “Existing Notes”), with a portion of the net proceeds from the Issuers’ concurrent private placement of $400 million in aggregate principal amount of 11.500% senior secured second lien notes due 2028 (the “New Notes”), which private placement is expected to close on February 8, 2023, subject to customary conditions.\n\nThe tender offers expired at 5:00 p.m., New York City time, on February 3, 2023 (the “Expiration Time”). As of the Expiration Time, an aggregate principal amount of (i) $53,748,045, or approximately 99.997%, of the 2024 Notes and (ii) $289,057,831, or approximately 99.203%, of the 2025 Notes were validly tendered and not validly withdrawn. Subject to completion of the New Notes placement described above, MMLP expects to accept for payment all Existing Notes validly tendered prior to the Expiration Time pursuant to the offer to purchase and expects to make payment for all such Existing Notes on February 8, 2023.\n\nThe Issuers will exercise their optional redemption rights with respect to the outstanding Existing Notes and satisfy and discharge each indenture governing the Existing Notes (the “Indentures”), as applicable, on the settlement date, in accordance with the terms of the Indentures. Neither this statement nor the tender offers constitute a notice of redemption under the provisions of the Indentures.\n\nRequests for documents relating to the tender offers may be directed to D.F. King & Co., Inc., the information agent for the tender offers, at (800) 628-8510 (Toll-Free) or (212) 269-5550, by email at [email protected], or via the following web address: www.dfking.com/mmlp. Wells Fargo Securities, LLC acted as the Dealer Manager for t...