Daily News: July 19, 2019

RBC Downsizes Martin Midstream Revolver to $400MM


Martin Midstream Partners amended its revolving credit facility, decreasing the borrowing capacity from $500 million to $400 million

The amended facility extends the maturity date by approximately 3.4 years to August 2023. It contains an accordion feature of up to an additional $100 million. As of June 30, 2019 the partnership had borrowings of $225 million.

“Throughout the past year, the partnership has executed on several strategic initiatives that de-levered our balance sheet and repositioned us for future success. We appreciate the confidence placed in us and the continued support of our lenders,” said Ruben Martin, president and chief executive officer of Martin Midstream.

Royal Bank of Canada serves as administrative agent for the facility. Wells Fargo Bank acted as the lead arranger, and Baker Botts acted as legal counsel to the partnership.

Martin Midstream Partners is a publicly traded limited partnership with a diverse set of operations focused primarily in the U.S. Gulf Coast region.