Martin Midstream Partners L.P. Announces Expiration and Results for Its Excess Cash Flow Offer to Purchase up to $9.3 Million Aggregate Principal Amount of Outstanding 11.50% Senior Secured Second Lien Notes Due 2025

Rhea-AI Summary

Martin Midstream Partners L.P. (NASDAQ: MMLP) announced the results of its cash tender offer for the purchase of up to $9,305,000 of its 11.50% Senior Secured Second Lien Notes due 2025. The offer expired on April 13, 2022, with only $589,229, or about 0.20%, of the Notes validly tendered. MMLP accepted and paid for all validly tendered Notes on April 14, 2022. This tender offer reflects the Partnership's effort to manage its debt obligations effectively.

Positive

• Successfully launched a cash tender offer for debt management.
• Accepted all validly tendered Notes, indicating proactive financial management.

Negative

• Only $589,229 of the $9,305,000 target amount was tendered, reflecting low investor participation.

KILGORE, Texas--(BUSINESS WIRE)-- Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) today announced the expiration and results of its previously announced cash tender offer (the “Excess Cash Flow Offer”) to purchase up to $9,305,000 aggregate principal amount (the “Excess Cash Flow Offer Amount”) of its outstanding 11.50% Senior Secured Second Lien Notes due 2025 (the “Notes”) at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.

The Tender Offer expired at 5:00 p.m., New York City time, on April 13, 2022 (the “Expiration Time”). As of the Expiration Time, an aggregate principal amount of $589,229, or approximately 0.20%, of the Notes were validly tendered and not validly withdrawn. MMLP has accepted for payment all Notes validly tendered prior to the Expiration Time pursuant to the Excess Cash Flow Offer and made payment for such Notes on April 14, 2022.

Requests for documents relating to the tender offer may be directed to D.F. King & Co., Inc., the Information Agent, at (800) 628-8532 (Toll-Free) or (212) 269-5550, by email at mmlp@dfking.com, or via the following web address: www.dfking.com/mmlp.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Notes.

About Martin Midstream Partners

MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.

Forward-Looking Statements

All 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, including (i) the current and potential impacts of the COVID-19 pandemic generally, on an industry-specific basis, and on the Partnership’s specific operations and business, (ii) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, and (iii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership 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 (the “SEC”). The Partnership 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 except where required to do so by law.

The information in the Partnership’s website is not, and shall not be deemed to be, a part of this notice or incorporated in filings the Partnership makes with the SEC.

MMLP-C

View source version on businesswire.com: https://www.businesswire.com/news/home/20220414005828/en/

Sharon Taylor

Chief Financial Officer

(877) 256-6644

investor.relations@mmlp.com

Source: Martin Midstream Partners L.P.

FAQ

What was the result of Martin Midstream Partners' cash tender offer?

The tender offer resulted in $589,229 of the Notes being validly tendered, which is about 0.20% of the total offer.

When did Martin Midstream Partners' cash tender offer expire?

The cash tender offer expired at 5:00 p.m. New York City time on April 13, 2022.

What does the cash tender offer for MMLP's Notes signify?

The cash tender offer signifies MMLP's initiative to manage its debt more effectively.

How much did MMLP pay for the validly tendered Notes?

MMLP accepted and paid for the validly tendered Notes at 100% of the aggregate principal amount plus accrued interest.

What interest rate do the Notes carry that MMLP offered to purchase?

The Notes carry an interest rate of 11.50%.