Martin Midstream Announces the Elimination of Its Incentive Distribution Rights

Source: www.gulfoilandgas.com 11/29/2021, Location: North America

Martin Midstream Partners L.P. announced the execution of an amended limited partnership agreement that permanently eliminates the incentive distribution rights (“IDRs”) of its general partner, Martin Midstream GP LLC (the “General Partner”). The elimination of the IDRs, which does not require further consents, is effective immediately.

Bob Bondurant, President and Chief Executive Officer of MMGP said, “I was pleased with the announcement earlier today concerning the consolidation of control of the General Partner under Martin Resource Management Corporation (“MRMC”) and Senterfitt Holdings Inc. ("Senterfitt"), which was fundamental for the approval of the amendment to the limited partnership agreement."

“The elimination of the IDRs removes the financial complexity in the Partnership’s structure and directly aligns MMLP, MRMC and the General Partner with the holders of our common units. I believe this transaction, although not immediately accretive, will provide value over the long-term to our unitholders and enhance the attractiveness of our common equity units.”


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