Martin Midstream Partners Announces Amendment To Revolving Credit Facility

Jan 30, 2023

Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) announced today that its wholly owned subsidiary, Martin Operating Partnership L.P., as borrower, MMLP and certain of MMLP’s other subsidiaries, as guarantors, entered into an amendment to MMLP’s existing revolving credit facility (as so amended, the “Amended Credit Facility”). The Amended Credit Facility will become effective upon the closing of the offering by MMLP and its wholly owned subsidiary, Martin Midstream Finance Corp., of $400 million in aggregate principal amount of senior secured second lien notes due 2028 (the “Notes”), which was also announced today by MMLP, and the satisfaction of certain other conditions related thereto. The Amended Credit Facility amends MMLP’s existing revolving credit facility entered into on March 28, 2013 to, among other things, (i) extend the stated maturity date from August 2023 to February 2027; (ii) reduce the commitments from $275.0 million to $200.0 million, then further reduce such commitments to $175.0 million on June 30, 2023 and then further reduce such commitments to $150.0 million on June 30, 2024; and (iii) permit the revolving credit facility to be increased from time to time upon MMLP’s written request, subject to certain conditions (including the consent of the increasing lenders), up to an additional $50.0 million.

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