New Issue: Martin Midstream prices $250 million 7¼% eight-year notes at par

By Paul A. Harris

Portland, Ore., Feb. 6 - Martin Midstream Partners LP and Martin Midstream Finance Corp. priced a $250 million issue of eight-year senior notes (B3/B/) at par to yield 7¼% on Wednesday, according to a syndicate source.

The yield printed on top of yield talk.

Wells Fargo Securities LLC was the left bookrunner.

BofA Merrill Lynch, RBC Capital Markets, RBS Securities Inc. and SunTrust Robinson Humphrey Inc. were the joint bookrunners.

Proceeds will be used to repay bank debt.

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

Issuers:	Martin Midstream Partners LP and Martin Midstream Finance Corp.
Amount:	$250 million
Maturity:	Feb. 15, 2021
Securities:	Senior notes
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	RBC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc., BofA Merrill Lynch
Co-managers:	UBS Securities LLC, Comerica Securities Inc., Natixis Securities Americas LLC, Regions Securities LLC, Citigroup Global Markets Inc., BB&T Capital Markets, Raymond James & Associates Inc., ABN Amro Securities (USA) LLC
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Spread:	570 bps
First call:	Feb. 15, 2017 at 103.625
Equity clawback:	35% at 107.25 until Feb. 15, 2016
Trade date:	Feb. 6
Settlement date:	Feb. 11
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7¾% area

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