Tuesday, Martin Midstream Partners L.P. (MMLP) announced the amendment and extension of its senior secured credit facility, whereby it increased its borrowing capacity to $335.67 million and extended the loan maturity date from November 10, 2010 to November 9, 2012.
Martin Midstream has amended and extended the terms of the debt facility with a syndicate of lenders, arranged by Wells Fargo Securities, LLC and RBC Capital Markets.
The partnership also announced that its joint venture Waskom Gas Processing Company, or WGPC, has entered into an agreement to purchase the East Texas natural gas gathering and processing assets of the Crosstex Energy companies - Crosstex Energy, L.P. (XTEX) and Crosstex Energy, Inc. (XTXI) - for $40 million.
The transaction is subject to customary closing conditions and is expected to close in January 2010.
In the joint venture, WGPC's general partners are CenterPoint Energy Gas Processing Company, an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc. (CNP), and Prism Gas Systems I, L.P., the operator of WGPC, and an indirect, wholly-owned subsidiary of MMLP.
The assets to be purchased by WGPC consist of approximately 60 miles of natural gas gathering pipelines, two compressor stations, and three natural gas processing refrigeration plants. The system's current throughput capacity is approximately 75 million cubic feet per day which can be expanded with additional compression.
Ruben Martin, President and CEO, Martin Midstream, said, "We are pleased to announce enhanced support of WGPC's operations through the purchase of the East Texas natural gas gathering and processing assets from Crosstex. These assets complement WGPC's existing infrastructure and strengthens its position for future Cotton Valley and Haynesville production."
MMLP is currently trading at $30.14, up $0.32 or 1.07% on the Nasdaq, while its JV partner CNP is trading at $14.69, up $0.04 or 0.27%, on the Nasdaq. Crosstex Energy companies XTEX is trading at $7.36, up $0.18 or 2.49%, while XTXI is trading at $5.15, down $0.01 or 0.19%, on the Nasdaq.
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