Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

At December 31, 2022 and 2021, long-term debt consisted of the following:


	2022		2021
$275,000 1 Credit facility at variable interest rate (7.81% 1 weighted average at December 31, 2022), due August 2023 4 secured by substantially all of the Partnership’s assets, net of unamortized debt issuance costs of $1,086 and $2,613, respectively 2	$	169,914	$	156,887
$53,750 Senior notes, due February 2024, 10.0% interest, net of unamortized debt issuance costs of $1,288 and $2,433, respectively 2,3	$	52,462	$	51,317
$291,381 Senior notes, due February 2025, 11.5% interest, net of unamortized debt issuance costs of $886 and $1,303, respectively 2,3	$	290,495	$	290,667
Total	512,871		498,871
Less: current portion	—		—
Total long-term debt, net of current portion	$	512,871	$	498,871

Current installments of finance lease obligations	$	9	$	280
Finance lease obligations	—		9
Total finance lease obligations	$	9	$	289

1 At December 31, 2022, interest rates fluctuated based on LIBOR or the prime rate plus an applicable margin set on the date of each advance. The margin above is set every three months. Of amounts outstanding at December 31, 2022, $157,000 were at LIBOR plus an applicable margin of 3.25% and $14,000 were at base prime rate plus an applicable margin of 2.25%. The credit facility was amended effective as of February 8, 2023, to, among other things, reduce the commitments to $200,000 (with further reductions scheduled in the future), replace LIBOR with Adjusted Term SOFR, and extend the maturity date of the commitments to February 8, 2027. The applicable margin for Adjusted Term SOFR borrowings effective February 15, 2023 is 3.50%; the applicable margin for base prime rate borrowings effective February 15, 2023 is 2.50%. The credit facility contains various covenants which limit the Partnership’s ability to make distributions; make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Partnership's omnibus agreement with Martin Resource Management Corporation (the "Omnibus Agreement").

2 The Partnership was in compliance with all debt covenants as of December 31, 2022.

3 The indentures governing the senior notes restrict the Partnership’s ability to sell assets; pay distributions or repurchase units or redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; and consolidate, merge or transfer all or substantially all of its assets.

4 Effective February 8, 2023, in connection with the completion of our sale of the 2028 Notes, we amended our credit facility to, among other things, reduce the commitments thereunder from $275,000 to $200,000 (with further scheduled reductions to $175,000 on June 30, 2023 and $150,000 on June 30, 2024) and extend the scheduled maturity date of the amended credit facility to February 8, 2027. As of December 31, 2022, amounts outstanding under the Partnership's credit facility have been presented as non-current on the Consolidated Balance Sheets due to the successful extension of the previously scheduled maturity date of August 2023.