The information included or incorporated by reference in Item 1.01 of this Current Report (this “ Report ”) on Form 8-K is incorporated by reference into this Item 1.01 of this Report.

On February 21, 2018, Martin Operating Partnership L.P. (the "Operating Partnership"), Martin Midstream Partners L.P. (the "Partnership") and certain of their subsidiaries entered into a Sixth Amendment to the Third Amended and Restated Credit Agreement (the “Credit Agreement Amendment”), which amended that certain Third Amended and Restated Credit Agreement, dated as of March 28, 2013, by and among the Operating Partnership, as the borrower, the Partnership, certain of their subsidiaries, Royal Bank of Canada, as administrative agent and collateral agent for the Lenders and as L/C Issuer and a Lender, and the other Lenders as set forth therein, as amended (the “Credit Agreement”).

The Credit Agreement Amendment amends the Credit Agreement to, among other things, (i) create an inventory financing sublimit tranche, which is a part of and not in addition to the already existing commitments under the Credit Agreement, under which availability is subject to a borrowing base calculated by reference to eligible petroleum products inventory, (ii) exclude the amount of loans under the inventory financing sublimit tranche from our total outstanding indebtedness for purposes of determining leverage ratio covenants under the Credit Agreement, (iii) increase the maximum permitted leverage ratio (as defined in the Credit Agreement, being generally computed as the ratio of total funded debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) from 5.25 to 1.00, with a temporary springing provision to 5.50 to 1.00 under certain scenarios, to 5.75 to 1.00 for the first and second quarters of 2018, 5.50 to 1.00 for the next three quarters and 5.25 to 1.00, with the temporary springing provision to 5.50 to 1.00 going back into effect, thereafter and (iv) decrease the maximum permitted senior leverage ratio (as defined in the Credit Agreement, being generally computed as the ratio of total secured funded debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) from 3.50 to 1.00 to 3.25 to 1.00. The maximum amount of the inventory financing sublimit tranche is $10.0 million during the period between March 1 and June 30 of each year, and $75.0 million at all other times during each year.

The Credit Agreement and its revolving credit facility are the Partnership’s primary source of liquidity and matures March 28, 2020.

This summary of material terms of the Credit Agreement Amendment is not complete, and is qualified in its entirety by the full text of the Sixth Amendment, dated February 21, 2018, to the Third Amended and Restated Credit Agreement, dated as of March 28, 2013, by and among the Partnership, the Operating Partnership, certain of their subsidiaries, Royal Bank of Canada and the other Lenders as set forth therein, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

(d) Exhibits

In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.

MARTIN MIDSTREAM PARTNERS LP Exhibit
EX-10.1 2 exhibit101sixthamendmentto.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1Sixth AMENDMENT TO THIRD AMENDEDAND RESTATED CREDIT AGREEMENTThis SIXTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Sixth Amendment”),…
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About MARTIN MIDSTREAM PARTNERS L.P. (NASDAQ:MMLP)

Martin Midstream Partners L.P. is a limited partnership company with operations focused in the United States Gulf Coast region. The Company’s segments include Terminalling and Storage, Natural Gas Services, Sulfur Services and Marine Transportation. The Company owns or operates approximately 30 marine shore-based terminal facilities and over 20 specialty terminal facilities located in the United States. It distributes natural gas liquids (NGLs), and purchases NGLs from refineries and natural gas processors. The Company stores and transports NGLs for wholesale deliveries to refineries, industrial NGL users and propane retailers. It has developed an integrated system of transportation assets and facilities relating to sulfur services. The Company operates a fleet of approximately 40 inland marine tank barges, over 20 inland push boats and approximately three offshore tug and barge units that transport petroleum products and by-products in the United States Gulf Coast region.