August 2, 2018
Martin Midstream Partners LP says it’s improved its balance sheet with the divestiture of a 20% interest in the West Texas LPG Pipeline Limited Partnership, which it’s selling to ONEOK.
The transaction has been finalized and is valued at about $193.7 million.
Martin’s President and CEO Ruben Martin said Wednesday that the net proceeds will to reduce outstanding borrowing and is “reflective of our commitment to improving the Partnership’s balance sheet and reducing our leverage ratio to below 4.50 times.
“On a pro-forma basis this sale represents more than a full turn of leverage improvement, or 4.36 times compared to actual leverage of 5.46 times at June 30, 2018.