Martin Midstream Completes Public Offering Of Units For US$53.8 Million

Published: Feb 15 2017
Deal Summary

Martin Midstream Partners L.P., a midstream company, completed the public offering of 2.99 million (MM) units, at a price of US$18 per unit, for gross proceeds of US$53.82 MM, including the underwriters’ exercise of option to purchase 390,000 additional units. The company received net proceeds of approximately US$52.8 MM, after deducting underwriting discounts.

RBC Capital Markets, LLC and Wells Fargo Securities, LLC acted as joint book-running managers; while Locke Lord LLP acted as legal advisor to the company for the offering.

The company intends to use the proceeds from the offering to fund a portion of the purchase price for the acquisition of an asphalt terminal facility in Hondo in Texas; to repay a portion of the outstanding indebtedness incurred under its revolving credit facility and for general partnership purposes.

Deal history

Completed: On February 22, 2017, Martin Midstream completed the public offering of 2.99 MM units, at a price of US$18 per unit, for gross proceeds of US$53.82 MM.

Update: On February 16, 2017, the underwriters’ exercised in full their option to purchase additional 390,000 units.

Pricing/Filing: On February 15, 2017, Martin Midstream priced the public offering of 2.6 MM units, at a price of US$18 per unit, for gross proceeds of US$46.8 MM.

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