Martin Midstream gives results of tender offer for 10%, 11½% notes

By Mary-Katherine Stinson

Lexington, Ky., Feb. 6 – Martin Midstream Partners LP reported the results of its tender offers for two senior secured notes, according to a press release.

As previously reported, the company was offering to buy any and all of the $53,749,909 outstanding 10% senior secured 1.5-lien notes due 2024 issued by Martin Midstream Partners and wholly owned subsidiary Martin Midstream Finance Corp. (Cusips: 573334AF6, 573334AG4, U57363AD2) and any and all of the $291,380,656 outstanding 11½% senior secured second-lien notes due 2025 (Cusips: 573334AH2, 573334AJ8, U57363AE0).

As of the expiration time of 5 p.m. ET on Feb. 3, $53,748,045, or 99.997%, of the 2024 notes and $289,057,831, or 99.203%, of the 2025 notes were validly tendered and accepted for purchase.

For the notes due 2024, the company will pay $1,015.50 per $1,000 principal amount and for the notes due 2025 the company will pay $1,006.90 per $1,000 of notes. Interest will also be paid to the settlement date.

The offer is expected to settle on Feb. 8.

There are guaranteed delivery procedures.

The guaranteed delivery date is 5 p.m. ET on Feb. 7.

The offer is being funded with a private placement of 11½% senior secured second-lien notes due 2028, which is expected to close on Feb. 8 subject to customary conditions.

The purpose of the offer is to refinance the notes with proceeds from the proposed refinancing.

The company said that it plans to redeem any existing notes outstanding after the tender offers at the relevant redemption price using the optional redemption provisions in the indentures.

Wells Fargo Securities, LLC will be the dealer manager (866 309-6316, 704 410-4756).

D.F. King & Co., Inc. is the information agent for the offer (800 628-8510, 212 269-5550, mmlp@dfking.com, www.dfking.com/mmlp).

The issuer is a Kilgore, Tex.-based midstream services provider.

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