Martin Midstream gets commitment for $225 million credit facility

By Sara Rosenberg

New York, Sept. 6 - Martin Midstream Partners LP has received a commitment for a new $225 million credit facility to help fund the approximately $100 million acquisition of Prism Gas Systems I LP and refinance existing bank debt, according to a company news release.

Royal Bank of Canada is the lead bank on the deal, a market source said.

The credit facility commitment consists of a $95 million working capital line and an up to $130 million term loan with an optional $100 million accordion feature.

Subsequent to closing, the Partnership expects to refinance a portion of the new facility with new equity capital, the news release added.

Martin Midstream Partners is a Kilgore, Texas-based provider of marine transportation, terminalling, distribution and midstream logistical services for producers and suppliers of hydrocarbon products and by-products, lubricants and other liquids. Prism is a natural gas gathering and processing company.

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