The revolving credit facility at Martin Midstream Partners LP (NASDAQ: MMLP) was amended to $900 million, the company said July 1.
Commitments from 25 lenders replaced the old $637.5 million facility, Martin Midstream said.
The facility matures March 28, 2018, the company said, noting that on June 30, there was $290 million outstanding.
"We are pleased to have closed on a larger credit facility, opportunistically capitalizing on a strong market for bank capital. With our amended facility, we achieved several positive structural enhancements to our covenant package and were able to improve our pricing grid, lowering our cost of capital," said Ruben Martin, president and CEO of Martin Midstream’s general partner, Martin Midstream GP LLC.
Kilgore, Texas-based Martin Midstream Partners LP operates on the U.S. Gulf Coast.
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