Martin Midstream Partners L.P. (MMLP) said it has priced its prior announced public offering of 3 million of its common units at $36.91 per unit. The offering may close on September 29, 2014.
Net proceeds from the offering, including any proceeds from the exercise of the underwriters' option to purchase additional common units, would be utilized to repay a portion of the outstanding indebtedness incurred under its revolving credit facility and for general partnership purposes. Amounts repaid under the revolving credit facility may be re-borrowed to fund future acquisitions and expansion capital expenditures.
BofA Merrill Lynch, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC, and Raymond James & Associates, Inc. are acting as joint book-running managers for the offering. In addition, BB&T Capital Markets, a division of BB&T Securities, LLC, MLV & Co. LLC and Stephens Inc. are the co-managing underwriters. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 450,000 common units in connection with the offering.
For comments and feedback contact: editorial@rttnews.com
Business News