Martin Midstream Partners L.P. announced the sale of certain assets used in connection with the Mega Lubricants shore-based terminals business to John W. Stone Oil Distributor, LLC for $22.4 million. The Sale closed on December 22, 2020. The proceeds will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Robert Bondurant, Executive Vice President, Chief Financial Officer and Director of the Partnership says, “The announcement today reflects our continued emphasis on debt reduction through the sale of non-core assets allowing MMLP to focus on our commercial strengths and long-term relationships built around our refinery services assets. As I stated in our last earnings call, my vision as I begin my role as CEO on January 1, 2021 is to make our Partnership attractive to investors again. Reducing our leverage is integral to that vision.”
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