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Martin Midstream Partners L.P. reports developments tied to its Gulf Coast midstream partnership operations, including terminalling, processing and storage services for petroleum and energy products, land and marine transportation, sulfur and sulfur-based products, natural gas liquids services, and specialty lubricants and grease blending and packaging.
Recurring news for MMLP includes quarterly and annual financial results, Adjusted EBITDA commentary, segment performance in transportation, sulfur services and specialty products, cash distributions to common unitholders, K-1 tax package availability, financial guidance, capital spending plans, investor presentations, and organizational changes within operating divisions.
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.
Martin Midstream Partners L.P. (MMLP) announced concurrent transactions to extend its debt maturities, involving its 7.25% senior unsecured notes due 2021. The extension offers tendering holders various exchange options including cash and new secured notes, set to expire on August 6, 2020. Over 74% of Existing Notes holders have shown support. The partnership has calculated a minimum participation condition of 95% for the success of these offers, while those participating early will receive additional consideration. A plan for potential chapter 11 filing is also in motion depending on the outcome of these transactions.