Welcome to our dedicated page for Martin Midstream Prtnrs L P news (Ticker: MMLP), a resource for investors and traders seeking the latest updates and insights on Martin Midstream Prtnrs L P stock.
Martin Midstream Partners LP (NASDAQ: MMLP) is a publicly traded limited partnership headquartered in Kilgore, Texas, with operations focused primarily in the Gulf Coast region of the United States. Its news flow reflects activities across four main business lines: terminalling, processing, and storage services for petroleum products and by-products; land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marketing, distribution, and transportation services for natural gas liquids along with blending and packaging services for specialty lubricants and grease.
News updates for MMLP frequently include quarterly financial results, where the partnership reports net income or loss, adjusted EBITDA, segment performance, capital expenditures, leverage metrics, and quarterly cash distributions per common unit. These releases often provide detailed commentary on the Transportation, Terminalling and Storage, Sulfur Services, and Specialty Products segments, explaining how volumes, utilization, rates, margins, and operating expenses affected results.
Investors can also expect capital structure and financing announcements, such as amendments and extensions to the revolving credit facility. Recent disclosures describe changes to borrowing capacity, maturity dates, and financial covenants, including interest coverage and leverage ratios, which are important for understanding the partnership’s liquidity and covenant headroom.
Another recurring theme in Martin Midstream Partners’ news is governance and leadership updates. The partnership has announced retirements and role changes for senior leaders in areas such as land transportation and fertilizer, along with expanded responsibilities for executives overseeing sulfur services and fertilizer operations. These updates highlight continuity and experience in key operating divisions.
In addition, MMLP issues notices about investor relations events and tax reporting, including participation in energy and power investment conferences, schedules for earnings releases, and the availability of Schedule K-3 forms for unitholders with international tax reporting needs. For investors tracking MMLP, following this news stream provides insight into operational trends, segment dynamics, capital management, and partnership-level decisions that shape long-term performance.
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.
Martin Midstream Partners L.P. (MMLP) will announce its second quarter financial results for 2020 on July 27, after the market closes. An investors conference call is scheduled for July 28 at 8:00 a.m. CT. The call can be accessed by calling (877) 878-2695, with an audio replay available thereafter. The partnership will also discuss certain non-GAAP financial measures during the call. Furthermore, the company recently announced an exchange offer for existing notes and a cash tender offer, for which they have provided sufficient disclosures. More information is available on their website.
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