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Advisor to the Company on its uptier exchange offer and new capital raise
On April 6, 2020, Martin Midstream Partners L.P. (NASDAQ: MMLP) (the “Company”) announced that it had engaged Stephens Inc. as financial advisor to explore strategic alternatives to strengthen its balance sheet
• On August 12, 2020, the Company announced a significant step in restructuring its balance sheet, affecting approximately $560 million in aggregate debt, upon the completion of its exchange offer and cash tender offer for 92.1% of the Company’s 7.25% senior unsecured notes due February 2021 (the “Existing Notes”)
• In accordance with these transactions, the Company:
‒ Exchanged ~$334.4 million, representing 91.8% of Existing Notes, for (i) ~$292 million of 11.5% senior secured second lien notes due 2025 and (ii) ~$42.0 million in cash
‒ Redeemed ~$1.2 million, or 0.34% of Existing Notes, for ~$0.8 million in cash
‒ Issued ~$53.75 million (including a $3.75 million backstop commitment fee) of 10.0% senior secured 1.5 lien notes due 2024 through a rights offering, in which proceeds were used to fund the transactions and for general corporate purposes
• The completion of the transactions also provided conditions precedent to amend the Company’s credit facility and extend its maturity from August 19, 2020 to August 31, 2023
Martin Midstream Partners L.P.
Martin Midstream Partners L.P. is a publicly-traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution and transportation services.
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