XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.3

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

At September 30, 2024 and December 31, 2023, long-term debt consisted of the following:

			September 30, 2024						December 31, 2023
$150,000 Credit facility at variable interest rate (8.44%1 weighted average at September 30, 2024), due February 2027 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries, net of unamortized debt issuance costs of $2,503 and $3,292, respectively 2			$	83,997					$	39,208
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $6,728 and $8,235, respectively, including unamortized premium of $8,000 and $9,800, respectively, due February 2028, secured 2			385,272						381,965
Total			469,269						421,173
Less: current portion			—						—
Total long-term debt, net of current portion			$	469,269					$	421,173

    1 The interest rate fluctuates based on Adjusted Term SOFR (set on the date of each advance) or the alternate base rate plus an applicable margin. The margin is set every three months. All amounts outstanding at September 30, 2024 were at Adjusted Term SOFR plus an applicable margin. The applicable margin for revolving loans that are SOFR loans currently ranges from 2.75% to 3.75%, and the applicable margin for revolving loans that are alternate base rate loans currently ranges from 1.75% to 2.75%.  The applicable margin for SOFR borrowings at September 30, 2024 is 3.25%. The applicable margin for SOFR borrowings effective October 16, 2024, is 3.50%. The credit facility contains various covenants that 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 September 30, 2024 and December 31, 2023.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration