Martin Midstream offering could raise $61.4 M

Kilgore, Texas-Martin Midstream Partners L.P. said Feb. 2 that it has commenced an underwritten public offering of 1,650,000 common units (plus up to an additional 247,500 common units to cover over-allotments, if any) under its existing shelf registration statement. Martin intends to use the net proceeds from the offering to repay outstanding debt incurred under its revolving loan facility. An amount equal to the debt may be re-borrowed to fund both recent acquisitions and expansion capital expenditures. On Feb. 3, Martin said it has priced the offering at $32.35 per unit. This would make the total that could be raised $61.4 million. The closing of the offering is expected to occur Feb. 8, 2010, subject to satisfaction of customary closing conditions.