Martin Midstream Prtnrs L P Stock Price, News & Analysis

Martin Midstream Partners L.P. (NASDAQ:MMLP) has priced a $400 million offering of 11.500% senior secured second lien notes due 2028, available at a public price of 97.000% of their face value. The offering is expected to close on February 8, 2023. Proceeds will be utilized to repurchase approximately $345.1 million of existing senior secured notes and to pay fees related to the offering. The notes are offered to qualified institutional buyers, adhering to Rule 144A under the Securities Act of 1933. MMLP's operations focus on the Gulf Coast, providing diverse services in the petroleum and natural gas sectors.

Martin Midstream Partners L.P. (NASDAQ:MMLP) has announced an amendment to its revolving credit facility through its subsidiary, Martin Operating Partnership L.P. This amendment extends the facility's maturity from August 2023 to February 2027 and reduces the commitments from $275 million to $200 million, eventually decreasing to $150 million by June 2024. The amendment is contingent upon the offering of $400 million in senior secured second lien notes due 2028. MMLP's business primarily encompasses petroleum product services, land and marine transportation, and sulfur processing.

Martin Midstream Partners L.P. (NASDAQ:MMLP) has initiated cash tender offers for all outstanding 10.00% senior secured 1.5 lien notes of approximately $53.7 million due 2024 and 11.50% senior secured second lien notes of about $291.4 million due 2025. These offers are funded by a concurrent private placement of $400 million in senior secured second lien notes due 2028. The tender offers will expire on February 3, 2023. Holders of the 2024 Notes will receive $1,015.50 per $1,000 principal amount, and $1,006.90 for the 2025 Notes, plus accrued interest. The completion is contingent upon raising the full $400 million.

Martin Midstream Partners L.P. (NASDAQ:MMLP) plans to offer $400 million in senior secured second lien notes due 2028, backed by certain subsidiaries. Proceeds will be used to repurchase approximately $345 million of existing notes, including $53.7 million of 10.00% notes due 2024 and $291.4 million of 11.50% notes due 2025, as well as to reduce outstanding borrowings and cover related expenses. The offering is being made only to qualified institutional buyers under securities regulations. This strategic move is aimed at strengthening MMLP's financial position amidst the volatile commodity market.

Martin Midstream Partners L.P. has declared a quarterly cash distribution of $0.005 per unit for the quarter ending December 31, 2022. This distribution will be payable on February 14, 2023, to unitholders of record as of February 7, 2023. The ex-dividend date is set for February 6, 2023. Notably, 100% of the partnership's distributions to non-U.S. investors will be subject to federal income tax withholding. MMLP operates in the Gulf Coast region, focusing on storage, transportation, and processing of petroleum products and by-products.

Martin Midstream Partners L.P. (NASDAQ: MMLP) announced its participation in the 2022 Wells Fargo Midstream and Utilities Symposium on December 7-8, 2022. Members of the executive management team will present, with the presentation available on the company’s website at www.MMLP.com. The Partnership operates in the U.S. Gulf Coast region, focusing on terminalling, processing, storage, transportation of petroleum products, and sulfur-based products. More information can be found on their website.

Martin Midstream Partners L.P. (MMLP) reported a net loss of $28 million for Q3 2022, driven by a $21.8 million inventory write-down and increased operational expenses. Adjusted EBITDA dropped to $18.8 million from $21.5 million YoY. Revenues increased to $229.3 million, up from $211.3 million. The company has revised its 2022 adjusted EBITDA guidance to $116-$121 million, down from $126-$135 million, citing lower seasonal commodity prices. Despite strong performance in Transportation and Terminalling segments, volatility in Sulfur and NGL segments weighs on overall results.

Martin Midstream Partners L.P. (MMLP) has partnered with Samsung C&T America and Dongjin USA to form DSM Semichem LLC, focusing on producing and distributing electronic level sulfuric acid (ELSA). MMLP will own a 10% interest in DSM and will supply feedstock for the ELSA facility in Plainview, Texas. The capital investment required is approximately $20 million, with an expected annual distributable cash flow of $5 to $6 million. The facility is projected to begin operations in Q1 2024, addressing the growing demand for ELSA in semiconductor manufacturing.

Martin Midstream Partners L.P. (NASDAQ: MMLP) has announced a quarterly cash distribution of $0.005 per unit for the quarter ending September 30, 2022. This distribution is set for November 14, 2022, payable to common unitholders of record by November 7, 2022, with an ex-dividend date of November 4, 2022. The press release also notes that all distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate, according to applicable regulations.