Martin Midstream Partners LP (NasdaqGS: MMLP), and its wholly-owned subsidiary Martin Midstream Finance Corp., will offer $150 million, in aggregate principal amount, of senior unsecured 7.250% notes due 2021 in a private offering, the company said March 14.
These most recent notes will add to a Feb. 11, 2013 private issuance, in aggregate principal amount of $250 million, of same-percentage notes due the same year, the company said.
These additional notes will be under the same indenture as the existing notes, will be part of the same series and will have identical terms, Martin Midstream Partners said, noting that initially these additional notes will be subject to certain securities laws restrictions.
Net proceeds will repay revolving credit facility borrowings, specifically the nearly $182.8 million redemption price on its 8.875% senior notes due 2018, the company said.
Martin Midstream Partners is an MLP based in Kilgore, Texas. It provides storage and distribution for petroleum products, natural gas products and NGL.
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