Martin Midstream to repay revolver borrowings with barge sale proceeds

By Tali Rackner

Norfolk, Va., Feb. 5 – Martin Midstream Partners LP plans to use the proceeds from wholly owned subsidiary Martin Operating Partnership LP’s sale of six liquefied petroleum pressure barges to repay outstanding debt under its revolving credit facility, according to a press release.

In addition to repaying the revolver, management expects the divestiture to have a positive impact on distributable cash flow.

The sale is expected to be completed before the end of the month.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.