MARTIN MIDSTREAM PARTNERS L.P. 8-K

What Happened

• Martin Midstream Partners L.P. (through its wholly owned subsidiary Martin Operating Partnership L.P.) filed an 8-K disclosing a Third Amendment to its Fourth Amended and Restated Credit Agreement, dated March 31, 2026, with Royal Bank of Canada as administrative and collateral agent. The amendment reduces the operating partnership’s revolving borrowing capacity and revises financial covenants.

Key Details

• Revolving credit reduced from $130.0 million to $115.0 million.
• Interest Coverage Ratio requirement: minimum 1.65x for fiscal quarters ending Mar 31, Jun 30, Sep 30 and Dec 31, 2026; increases to 1.75x beginning Mar 31, 2027 and thereafter.
• Total Leverage Ratio caps: max 5.50x for the four quarters ending Dec 31, 2026; steps down to 5.30x for Mar 31, 2027, 5.25x for Jun 30, 2027, and 5.00x for Sep 30, 2027 and thereafter.
• The amendment is filed as Exhibit 10.1 to the 8-K; Royal Bank of Canada and the lenders party to the credit agreement are the counterparties.

Why It Matters

• The amendment changes Martin’s short-term liquidity profile (smaller revolving facility) and sets specific covenant targets investors should monitor. Meeting the interest coverage and leverage ratios will be required each quarter as specified; failure to comply could affect borrowing capacity or trigger remedies under the credit agreement. Investors should watch upcoming quarterly results and disclosures for covenant compliance and any further financing updates.