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Wells Fargo Securities, RBC Arrange Martin Midstream $600MM Facility

April 02, 2013, 07:23 AM
Filed Under: Specialty Industries

Martin Midstream Partners entered into a new secured revolving credit facility with lender commitments of $600 million. The newly amended agreement upsizes the facility from $400 million and extends the tenor of the facility by over two years with a new maturity date of March 28, 2018. In amending the facility, six new banks were added to the syndicate resulting in a group of twenty lenders participating in the facility.

The newly amended credit facility was co-arranged by Wells Fargo Securities and RBC Capital Markets.

Ruben Martin, president and chief executive officer of Martin Midstream said, "We are pleased to announce the upsizing of the Partnership's credit facility and appreciate the strong support we received from our syndicate banks. Given the level of organic growth we are forecasting and the incremental availability we now have for acquisition purposes, the partnership has ample liquidity and is well-positioned in the near term."

Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The partnership's primary business lines include: terminalling, storage, processing and packaging services for petroleum products and by-products; natural gas liquids storage, marketing and distribution services and natural gas storage; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marine transportation services for petroleum products and by-products. The Partnership is based in Kilgore, Texas and was founded in 2002.

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