Martin Midstream Partners L.P. Announces Expiration and Results of Exchange Offer and Cash Tender Offer

KILGORE, Texas, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (the “Partnership”) today announced the expiration at 5:00 p.m., New York City time, on August 7, 2020 (the “Expiration Time”) of its and its subsidiary, Martin Midstream Finance Corp.’s (“FinanceCo” and, together with the Partnership, the “Issuers”) previously announced (1) offer to exchange (the “Exchange Offer”) any and all of the Issuers’ outstanding 7.25% senior unsecured notes due 2021 (the “Existing Notes”) held by Eligible Holders (as defined below) of record for a combination of cash, 11.50% Senior Secured Second Lien Notes due 2025 (the “Exchange Notes”), and rights to acquire (the “Rights Offering”) 10.00% Senior Secured 1.5 Lien Notes due 2024 (the “New Notes”), as further described below, upon the terms and subject to the conditions set forth in the confidential Exchange Offer Memorandum, Consent Solicitation, Rights Offering, and Disclosure Statement Soliciting Acceptances of a Prepackaged Plan of Reorganization, dated July 9, 2020 (as may be amended or supplemented from time to time, the “Offering Memorandum” and, together with the related Exchange Offer letter of transmittal and the related Exchange Offer eligibility letter, the “Exchange Offer Documents”), and (2) offer to purchase for cash (the “Cash Tender Offer” and, together with the Exchange Offer, the “Offers”, and each an “Offer”) any and all of the Existing Notes held by Other Holders (as defined below), on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated July 9, 2020 (the “Offer to Purchase” and, together with the related Cash Tender Offer letter of transmittal and the related Cash Tender Offer eligibility letter, the “Cash Tender Offer Documents”), and the consent solicitations (the “Consent Solicitations”) related to the adoption of proposed amendments to the indenture governing the Existing Notes (the “Proposed Amendments”), as described in the Offering Memorandum and the Offer to Purchase. The Proposed Amendments will not be operative until the Exchange Offer and Cash Tender Offer are consummated according to their terms. Any outstanding Existing Notes are subject to the terms of the agreements implementing the Proposed Amendments.