Martin Resource Management Corporation Completes Purchase of Common Units From Martin Midstream Partners L.P.
22 August 2014 - 10:00PM
Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the
"Partnership") announced today that Martin Resource Management
Corporation ("MRMC" or the "Company"), the indirect controlling
owner of the Partnership's general partner, has completed a $45
million purchase of common units in the Partnership.
With this purchase, MRMC now owns indirectly a total of
6,264,532 or 19.7% of the outstanding limited partnership common
units of MMLP. MRMC has no current intention to divest any of
the MMLP units it owns. However, due to certain requirements
under MRMC's credit agreement, both the newly acquired units and
those already owned will be registered for resale under a separate
Form S-3 registration statement to be filed with Securities and
Exchange Commission.
The Partnership used the full proceeds from this sale of units
to pay down outstanding indebtedness under its revolving credit
facility. It intends to use availability under the revolving
credit facility to fund the previously announced acquisition of the
remaining Category A membership interests in Cardinal Gas Storage
Partners LLC. That acquisition is scheduled to close during
the third quarter this year.
About Martin Midstream Partners L.P. (Nasdaq:MMLP)
Martin Midstream Partners L.P. is a publicly traded limited
partnership with a diverse set of operations focused primarily in
the United States Gulf Coast region. The Partnership's primary
business lines include: (1) terminalling, storage and packaging
services for petroleum products and by-products; (2) natural gas
liquids distribution services and natural gas storage; (3) sulfur
and sulfur-based products processing, manufacturing, marketing and
distribution; and (4) marine transportation services for petroleum
products and by-products.
About Martin Resource Management Corporation
Martin Resource Management Corporation (MRMC) through its
various subsidiaries is an independent provider of marketing and
distribution and transportation of hydrocarbon products and
by-products including molten sulfur, sulfur-based derivatives, fuel
oil, natural gas liquids (NGLs), asphalt, paper mill liquids, and
other bulk tank liquids. In addition, the Company manufactures and
markets processed sulfur products including fertilizer and
emulsified sulfur. Additionally, the Company markets and
distributes naphthenic lubricating oils for specialty applications
used in the automotive, energy and petrochemical industries. MRMC
is an indirect owner of the general partner of the publicly traded
master limited partnership, Martin Midstream Partners L.P.
Forward-Looking Statements
Statements in this release other than historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements and all references to financial estimates rely on a
number of assumptions concerning future events and are subject to a
number of uncertainties and other factors, many of which are
outside MMLP's control, that could cause actual results to differ
materially from such statements. While MMLP believes that the
assumptions concerning future events are reasonable, it cautions
that there are inherent difficulties in anticipating or predicting
certain important factors. A discussion of these factors, including
risks and uncertainties, is set forth in the Partnership's annual
and quarterly reports filed from time to time with the Securities
and Exchange Commission. Martin Midstream Partners disclaims any
intention or obligation to revise any forward-looking statements,
including financial estimates, whether as a result of new
information, future events, or otherwise.
Additional information concerning Martin Midstream is available
on its website at www.martinmidstream.com.
CONTACT: Joe McCreery - VP of Finance
and Head of Investor Relations
903-988-6425
ir@martinmlp.com