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Martin Midstream Partners L.P. Announces Receipt of Requisite Consents to Amend Indenture Pursuant to Exchange Offer and Separate Related Cash Tender Offer for Existing Notes and Early Participation Results
KILGORE, Texas, July 24, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the “Partnership”) announced today that, in connection with
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"KILGORE, Texas, July 24, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the “Partnership”) announced today that, in connection with its and its subsidiary, Martin Midstream Finance Corp.’s (“FinanceCo” and, together with the Partnership, the “Issuers”), previously announced (1) offer to exchange (the “Exchange Offer”), consent solicitation, rights offering and plan solicitation made pursuant to the confidential Exchange Offer Memorandum, Consent Solicitation, Rights Offering, and Disclosure Statement Soliciting Acceptances of a Prepackaged Plan of Reorganization, dated July 9, 2020 (the “Offering Memorandum”) to Eligible Holders (as defined below), and (2) separate but related offer to purchase (the “Cash Tender Offer”) and consent solicitation made pursuant to the Offer to Purchase and Consent Solicitation Statement, dated July 9, 2020 (the “Offer to Purchase”) to Other Holders (as defined below), it has received tenders and consents as of 5:00 p.m., New York City time, on July 23, 2020 (the “Early Participation Date”) of the Issuers’ 7.25% senior unsecured notes due 2021 (the “Existing Notes”) as set forth in the following table.\n Title of Notes AggregateOutstanding Election Option Principal AmountTendered by EarlyParticipation Date PercentTendered byEarlyParticipationDate7.25% SeniorUnsecuredNotes due 2021 $364,456,000 Exchange Offer Option 1 –Cash Election $1,769,000 0.485%Exchange Offer Option 2 –Exchange Notes Election $34,484,000 9.462%Exchange Offer Option 3 –New Notes and ExchangeNotes Election $298,085,000 81.789%Cash Tender Offer $1,125,000 0.309%Total $335,463,000 92.045% As previously announced, the Exchange Offer and the Cash Tender Offer are scheduled to expire at 5:00 p.m., New York City time, on August 7, 2020, unless extended or earlier terminated by the Partnership (such date and time with respect to the Exchange Offer or the Cash Tender Offer, as applicable, as the same may be extended or earlier terminated with respect to such offer, the “Expiration Time”). Eligible Holders may tender their Existing Notes in the Exchange Offer until the Expiration Time. Other Holders may tender their Existing Notes in the Cash Tender Offer until the Expiration Time. It is expected that the closing of the Exchange Offer and the closing of the Cash Tender Offer will be on or about August 12, 2020, whi...