Nut Tree, Caspian propose to acquire Martin Midstream Partners for $4.00/unit

Nut Tree Capital and Caspian Capital announced they sent a letter to the Conflicts Committee of the Board of Directors of Martin Midstream GP in which Nut Tree and Caspian reiterated their non-binding proposal made on June 21, 2024 to acquire Martin Midstream Partners L.P. for $4.00 per MMLP common unit in cash. The Proposal represents a 31% premium over the $3.05 per common unit offer made by Martin Resource Management Corporation on May 24, 2024, and 23% over the closing price of the common units on July 9, 2024. The Proposal is not subject to any financing condition and would be financed through capital on hand. As existing investors in the MMLP’s debt, and given their significant experience investing in the oil and gas sectors, Nut Tree and Caspian are already very familiar with MMLP, its operations and capital structure, and have reviewed all publicly available information regarding MMLP.