Martin Midstream to tap revolver to fund Cardinal Gas interest buy

By Tali Rackner

Norfolk, Va., Aug. 11 – Martin Midstream Partners LP, through wholly owned subsidiary Redbird Gas Storage LLC, will use available capacity under its revolving credit facility to fund its acquisition of all of Energy Capital Partners’ category A membership interests in Cardinal Gas Storage Partners LLC (about 57.8%), according to a press release.

The total purchase price is $120 million.

Redbird owns the remaining 42.4% category A membership interest in Cardinal. At closing, Redbird will own all category A interests in Cardinal and will retire about $265 million of net project level financings currently in place at various Cardinal subsidiaries.

Martin Midstream is a Kilgore, Texas-based company that collects, transports, stores and markets petroleum products and by-products.

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