Martin Midstream Partners sells interest in West Texas LPG Pipeline
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, "I am pleased to announce that the Partnership has entered into an agreement with ONEOK, Inc. to sell our 20 percent non-operating partnership interests in the West Texas LPG Pipeline Limited Partnership for $195.0 million. We expect the transaction to close on July 31, 2018 and will use net proceeds of approximately $193.7 million to reduce outstanding borrowings under the Partnership's revolving credit facility. Accordingly, our pro-forma leverage is 4.36 times compared to actual leverage of 5.46 times at June 30, 2018. In addition, the Partnership's forecasted growth capital expenditures will be reduced by approximately $24.2 million for the remainder of 2018.