Exhibit 99.1
Martin Midstream Partners L.P. Announces Pricing of Public Offering
KILGORE, Texas,
May 15, 2007 /PRNewswire-FirstCall via COMTEX/
Martin Midstream Partners L.P. (NASDAQ: MMLP) announced today that it has priced a public offering
of 1,200,000 of its common units at $42.25 per unit, before an
underwriting discount of $1.527
per unit. The closing of the offering is expected to occur on
May 18, 2007, subject to satisfaction
of customary closing conditions. Estimated net proceeds from the
offering of $49.8 million, plus up to an additional
$7.5 million if the underwriter exercises its over-allotment
option in full, will
be used by MMLP to repay a portion of the outstanding indebtedness incurred under its revolving loan facility to
fund both $50.0 million in recent acquisitions and
$72.3 million in recent expansion capital expenditures. This net
proceeds amount includes a capital contribution from MMLP's general
partner of approximately $1.0 million to maintain its 2% general
partner interest in MMLP.
A.G. Edwards & Sons, Inc. has served as the sole underwriter for the offering. MMLP has granted the
underwriter a 30 day option to purchase up to an additional 180,000 common units in order to cover
any over-allotments in connection with the offering.
A
copy of the prospectus supplement and related base prospectus for the offering may be
obtained from A.G. Edwards & Sons, Inc., One North Jefferson, St. Louis, Missouri 63103, Telephone
800-278-5373.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy
the securities described herein, nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. The offering is being made
only by means of a prospectus and related prospectus supplement.
About Martin Midstream Partners
Martin Midstream Partners is a publicly traded limited partnership with a diverse set of
operations focused primarily in the United States Gulf Coast region. The Companys primary business
lines include: terminalling and storage services for petroleum products and by-products; natural
gas services; marine transportation services for petroleum products and by-products; sulfur
gathering, processing and distribution; and fertilizer manufacturing and distribution.
Additional information concerning Martin Midstream is available on its website at
www.martinmidstream.com.
Forward-Looking Statements
Statements about Martin Midstream Partners outlook and all other statements in this release
other than historical facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements and all references to
financial estimates rely on a number of assumptions concerning future events and are subject to a
number of uncertainties and other factors, many of which are outside its control, which could cause
actual results to differ materially from such statements. While MMLP believes that the assumptions
concerning future events are reasonable, it cautions that there are inherent difficulties in
anticipating or predicting certain important factors. A discussion of these factors, including
risks and uncertainties, is set forth in MMLPs annual and quarterly reports
filed from time to time with the Securities and Exchange Commission. Martin Midstream Partners
disclaims any intention or obligation to revise any forward-looking statements, including financial
estimates, whether as a result of new information, future events, or otherwise.
Contact: Robert D. Bondurant, Executive Vice President and Chief Financial Officer of MMLPs
general partner, Martin Midstream GP LLC, at (903) 983-6200.