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Martin Midstream plans to offer $400 million senior notes due 2025
Chicago, March 6 – Martin Midstream Partners LP, with its wholly owned subsidiary Martin Midstream Finance Corp., is planning a $400 million offering of senior secured notes due 2025, according to an 8-K filing with the Securities and Exchange Commission.
The Rule 144A notes would be guaranteed by all of the partnership’s current wholly owned subsidiaries with the exception of Martin Midstream Finance.
The notes and guarantees would be secured on a second-priority basis by a lien on substantially all the assets of the partnership, the finance unit and certain subsidiaries of the partnership subject to the terms of an intercreditor agreement.
Proceeds are expected to be used to refinance the partnership’s outstanding 7¼% senior notes due 2021 and for general corporate purposes.
Martin Midstream is a Kilgore, Tex.-based company that collects, transports, stores and markets petroleum products and byproducts.
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