MARTIN MIDSTREAM PARTNERS L.P. (MMLP): debt financing — Martin Midstream Partners closes $400M senior secured second lien notes offering at 11.5% due 2028

MARTIN MIDSTREAM PARTNERS L.P.

Issued $400M aggregate principal amount of 11.500% senior secured second lien notes due February 15, 2028.
Interest payable semiannually on February 15 and August 15, beginning August 15, 2023.
Notes guaranteed by all current wholly owned subsidiaries (excluding Finance Corp. and Martin ELSA Investment LLC) and secured by substantially all assets on a second-priority basis.
Issuers may redeem up to 35% of notes at 111.5% with equity offering proceeds prior to August 15, 2025; change of control triggers repurchase at 101%.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MARTIN MIDSTREAM PARTNERS L.P. incurred senior notes of $400 million with U.S. Bank Trust Company, National Association at 11.500% maturing 2028.

Instrument: senior notes
Principal: $400 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 11.500%
Maturity: 2028
Event: incurrence

Exact text from the filing

completed the sale of $400 million in aggregate principal amount of 11.500% senior secured second lien notes due 2028

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MARTIN MIDSTREAM PARTNERS L.P. entered into Indenture with U.S. Bank Trust Company, National Association valued at $400 million (effective 2023-02-08).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $400 million
Effective: 2023-02-08

Exact text from the filing

On February 8, 2023, Martin Midstream Partners L.P. (the “Partnership”) and its wholly owned subsidiary, Martin Midstream Finance Corp. (“Finance Corp.” and, together with the Partnership, the “Issuers”), completed the sale of $400 million in aggregate principal amount of 11.500% senior secured second lien notes due 2028 (the “Notes”) pursuant to the terms of the purchase agreement, dated January 31, 2023 (the “Purchase Agreement”), among the Issuers, the guarantors named therein and the initial purchasers named therein (the “Initial Purchasers”).

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Source: SEC EDGAR

accession 0001193125-23-028421

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