Martin Midstream Prtnrs L P Stock Price, News & Analysis

Martin Midstream Partners L.P. has announced the appointment of Robert D. Bondurant as President and CEO starting January 1, 2021, succeeding Ruben Martin, who will remain as Chairman. Bondurant, a long-time executive at the company, previously held the role of Executive VP and CFO since 2002. Additionally, Sharon Taylor has been appointed as VP and CFO effective the same date. The management transition reflects the Board's confidence in Bondurant's vision for the company’s future.

Martin Midstream Partners L.P. (MMLP) reported a net loss of $10.8 million for Q3 2020, impacted by an $8.5 million charge from senior note exchanges. Despite challenging conditions, the company posted adjusted EBITDA of $22.5 million and generated distributable cash flow of $8.1 million for the quarter. Terminaling and Storage segment saw improved margins, while Transportation segment faced declines due to COVID-19's impact. MMLP affirmed its 2020 guidance for adjusted EBITDA between $95 million and $107 million.

Martin Midstream Partners L.P. (MMLP) will release its financial results for Q3 2020 on October 21, after market close. A conference call to discuss these results is scheduled for October 22 at 8:00 a.m. CT. Investors can access the call at (877) 878-2695, with a replay available for a limited time. The press release serves as a qualified notice to nominees regarding tax withholding on distributions to foreign investors. The company operates primarily in the U.S. Gulf Coast, focusing on petroleum services, transportation, and sulfur product processing.

Martin Midstream Partners L.P. (MMLP) reported minimal damage to its coastal Texas and Louisiana terminals following Hurricane Laura. Operations are expected to resume fully by August 31, 2020. The Partnership activated its hurricane preparedness protocol, ensuring asset security and personnel safety. CEO Ruben S. Martin expressed gratitude for employee efforts and noted no material financial impact from the hurricane. The company focuses on petroleum-related services, with diverse operational lines across the Gulf Coast region.

On August 12, 2020, Martin Midstream Partners L.P. announced the completion of an exchange offer and cash tender offer for its 7.25% senior unsecured notes due 2021. Approximately 91.76% of the existing notes were exchanged, with $334.4 million in aggregate principal. The Issuers paid $41.9 million in cash and issued new senior secured notes due 2025 and 2024 totaling $345.7 million. CEO Ruben Martin expressed gratitude for the support of note holders, emphasizing the improved debt maturity profile and focus on business growth.

Martin Midstream Partners L.P. (MMLP) announced the expiration of its Exchange Offer for 7.25% senior unsecured notes due 2021, with a substantial 92.1% of existing notes tendered by the August 7 deadline, totaling $335.67 million. The exchange provides eligible holders with options including cash or new secured second lien notes. The Partnership expects to accept all tendered notes and finalize transactions by August 12, 2020. Additionally, the minimum participation requirement of 92% under the Restructuring Support Agreement has been satisfied, enabling the planned restructuring to proceed.

Martin Midstream Partners L.P. (MMLP) reported a net loss of $2.2 million for Q2 2020 but achieved a net income of $6.6 million for the first six months. Adjusted EBITDA was $23.9 million for Q2 and $54.9 million year-to-date, with a strong distribution coverage ratio of 5.10 times for the quarter. The company confirmed a quarterly cash distribution adjustment to $0.005 per unit. Despite challenges from COVID-19 affecting refinery utilization, sales in the fertilizer division were strong, contributing positively to performance. Guidance for 2020 Adjusted EBITDA is set between $95 million and $107 million.

Martin Midstream Partners L.P. (MMLP) announced significant participation in its Exchange Offer and Cash Tender Offer for outstanding 7.25% senior unsecured notes due 2021. As of July 23, 2020, holders tendered approximately $335.5 million, representing about 92.045% of the total Existing Notes. The Exchange Offer will conclude on August 7, 2020, with a settlement date anticipated around August 12, 2020. Supporting Holders, owning nearly 74.3% of Existing Notes, have agreed to participate, but the minimum participation condition of 95% remains unmet.

Martin Midstream Partners L.P. (MMLP) announced extensions for its Exchange Offer and Cash Tender Offer concerning its 7.25% senior unsecured notes due 2021. Key deadlines have been shifted: the Early Participation Date is now July 23, 2020, the Rights Offering Funding Date has moved to July 29, 2020, while the Expiration Time extends to August 7, 2020. The expected settlement date is also adjusted to August 12, 2020. These changes aim to facilitate administrative compliance regarding the offers. All other terms remain unchanged, and the partnership retains the right to amend or terminate the offers at its discretion.