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Martin Midstream Partners Announces Successful Completion of Exchange Offer and Cash Tender Offer

Vinson & Elkins represented Royal Bank of Canada, as administrative agent and collateral agent under Martin Midstream Partners L.P.’s RBL credit facility, in connection with an amendment of the credit facility, which facilitated Martin’s completion of an exchange offer and consent solicitation to certain eligible holders of its 7.25% senior unsecured notes and separate but related cash tender offer and consent solicitation to certain other holders of the notes.

Pursuant to the exchange offer, in exchange for $334,441,000 in principal amount of the notes, Martin Midstream Partners L.P. and Martin Midstream Finance Corp. (i) paid $41,966,510 in cash, plus $11,854,075.40 accrued and unpaid interest, (ii) issued $291,969,885 in principal amount of 11.50% senior secured second lien notes, and (iii) pursuant to the rights offering, issued $53,749,957 aggregate principal amount of the 10.00% senior secured 1.5 lien notes (including a $3.75 million backstop fee).  Pursuant to the Cash Tender Offer, in exchange for $1,225,000 in principal amount of the existing notes, the issuers paid $791,250 in cash, plus $43,419.44 of accrued and unpaid interest on such notes.

The V&E team was led by partners Chris Dawe and Bill Wallander and counsel Brad Foxman in collaboration with partners Erec Winandy, John Michael and David Stone, counsel Scot Dixon, senior associate Danny Strassman and associates Ben Steiner, Chris McAlister, Jake Torres and Matt Struble.

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