MARTIN MIDSTREAM PARTNERS L.P. (NASDAQ:MMLP) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 9.01
Completion of Acquisition or Disposition of Assets.
On January 2, 2019, Martin Midstream Partners L.P. (the “Partnership”) completed the previously announced purchase of all of the issued and outstanding equity of Martin Transport, Inc. (“MTI”) from Martin Resource Management Corporation for total consideration of $135.0 million with a $10.0 million earn-out based on certain performance thresholds, subject to certain post-closing adjustments. MTI operates a fleet of tank trucks providing transportation of petroleum products, liquid petroleum gas, chemicals,sulfur and other products, as well as owns twenty-three terminals located throughout the Gulf Coast and Midwest.
In connection with the acquisition of MTI and to the Third Amended and Restated Credit Agreement dated as of March 28, 2013, as amended (the “Credit Agreement”) among Martin Operating Partnership L.P. (the “Borrower”), the Partnership and the various financial institutions that are parties thereto, MTI has agreed to guarantee the obligations of the Partnership under the Credit Agreement and to secure its guaranteed obligations by the pledged assets.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
Press Release dated January 2, 2019.
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MARTIN MIDSTREAM PARTNERS LP Exhibit
EX-99.1 2 exhibit99_1pressreleaseann.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Martin Midstream Partners L.P. Completes Acquisition of Martin Transport,…
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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.
