The net proceeds will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility
Martin Midstream Partners L.P. (the “Partnership”) (NASDAQ: MMLP) announces the sale of its East Texas Pipeline (the “Pipeline”) to an undisclosed buyer. The net proceeds of approximately $17.5 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, “The East Texas Pipeline sale is one more step along the Partnership’s strategic path of selling non-core assets and using the proceeds to reduce leverage. In addition, this transaction is immediately accretive as the Pipeline has been idle since September 2018 producing a trailing twelve months net loss and negative EBITDA of approximately $1.6 million and $0.9 million, respectively.”
Source: Company Press Release