 KILGORE, Texas, July 24, 2020 GLOBE NEWSWIRE -- Martin Midstream Partners L.P. Nasdaq: MMLP the Partnership announced today that, in connection with its and its subsidiary, Martin Midstream Finance Corp.s FinanceCo and, together with the Partnership, the Issuers, previously announced 1 offer to exchange the Exchange Offer, consent solicitation, rights offering and plan solicitation made pursuant to the confidential Exchange Offer Memorandum, Consent Solicitation, Rights Offering, and Disclosure Statement Soliciting Acceptances of a Prepackaged Plan of Reorganization, dated July 9, 2020 the Offering Memorandum to Eligible Holders as defined below, and 2 separate but related offer to purchase the Cash Tender Offer and consent solicitation made pursuant to the Offer to Purchase and Consent Solicitation Statement, dated July 9, 2020 the Offer to Purchase to Other Holders as defined below, it has received tenders and consents as of 5:00 p.m., New York City time, on July 23, 2020 the Early Participation Date of the Issuers 7.25 senior unsecured notes due 2021 the Existing Notes as set forth in the following table. Title of Notes Aggregate Outstanding Election Option Principal Amount Tendered by Early Participation Date Percent Tendered by Early Participation Date 7.25 Senior Unsecured Notes due 2021 364,456,000 Exchange Offer Option 1 Cash Election 1,769,000 0.485 Exchange Offer Option 2 Exchange Notes Election 34,484,000 9.462 Exchange Offer Option 3 New Notes and Exchange Notes Election 298,085,000 81.789 Cash Tender Offer 1,125,000 0.309 Total 335,463,000 92.045 As previously announced, the Exchange Offer and the Cash Tender Offer are scheduled to expire at 5:00 p.m., New York City time, on August 7, 2020, unless extended or earlier terminated by the Partnership such date and time with respect to the Exchange Offer or the Cash Tender Offer, as applicable, as the same may be extended or earlier terminated with respect to such offer, the Expiration Time. Eligible Holders may tender their Existing Notes in the Exchange Offer until the Expiration Time. Other Holders may tender their Existing Notes in the Cash Tender Offer until the Expiration Time. It is expected that the closing of the Exchange Offer and the closing of the Cash Tender Offer will be on or about August 12, 2020, which is the third business day following the Expiration Time, or as soon as practicable thereafter such date and time, as the same may be extended with respect to the Exchange Offer or the Cash Tender Offer, as applicable, the Settlement Date.Certain holders of the Existing Notes the Supporting Holders, who as of the date hereof, beneficially owned approximately 270.7 million aggregate principal amount, or approximately 74.3, of the outstanding Existing Notes, have agreed to, among other things, support and use commercially reasonable efforts to complete the transactions, including by i tendering their Existing Notes in the Exchange Offer in accordance with the Backstop Agreement, dated as of July 9, 2020, between the Partnership and certain of its subsidiaries, and certain of the Supporting Holders, which was attached as Exhibit 10.2 to the Partnerships Current Report on Form 8-K filed on July 9, 2020, ii delivering their consents in the related consent solicitation and iii voting in favor of the prepackaged plan of reorganization, as contemplated by the Restructuring Support Agreement, dated as of June 25, 2020, between the Partnership, its general partner and certain of its subsidiaries, and the Supporting Holders, which was attached as Exhibit 10.1 to the Partnerships Current Report on Form 8-K filed on June 26, 2020, as amended as previously disclosed in the Partnerships Current Report on Form 8-K filed on July 9, 2020.The Exchange Offer and the Cash Tender Offer are each subject to certain closing conditions, including, among other things, participation in the offers by at least 95 of the outstanding principal amount of Existing Notes as of the Expiration Time the Minimum Participation Condition. The Minimum Participation Condition has not yet been met. The Partnership reserves the right, in its sole discretion, to: 1 delay accepting any tendered Existing Notes and delivered consents, terminate or amend or extend the Exchange Offer, Cash Tender Offer or related consent solicitations and not to accept for exchange or purchase any Existing Notes not previously accepted for exchange or purchase; and 2 amend, modify or waive, in part or in whole, at any time, or from time to time, the terms of the Exchange Offer, the Cash Tender Offer or the related consent solicitations in any manner not prohibited by law.Consent SolicitationsAccording to information provided to the Partnership by Epiq Corporate Restructuring, LLC Epiq as of the Early Participation Date, as set forth in the table above, holders of the Existing Notes had validly tendered and not validly withdrawn an aggregate principal amount of 335,463,000 of the Existing Notes, representing approximately 92.045 of the aggregate principal amount of the Existing Notes in the Exchange Offer and the Cash Tender Offer. Based on the tenders and consents received in the Exchange Offer and the Cash Tender Offer, the Partnership has received the requisite majority consent necessary for the adoption of the proposed amendments the Proposed Amendments to the indenture governing the Existing Notes the Existing Notes Indenture, which will, among other things, eliminate substantially all of the restrictive covenants in the Existing Notes Indenture, delete certain events of default, and shorten the period of advance notice required to be given to holders of Existing Notes from 30 days to 3 business days in the case of a redemption of the Existing Notes. Promptly following the Expiration Time, the Partnership, FinanceCo, the guarantors party thereto and the trustee under the Existing Notes Indenture will enter into a supplemental indenture the Supplemental Indenture to amend the Existing Notes Indenture. The Supplemental Indenture will become effective upon execution, but the Supplemental Indenture will not become operative until the time immediately prior to delivery by the Partnership of the Exchange Offer consideration and the Cash Tender Offer consideration at the direction of the Exchange Agent and the Depositary and Information Agent each as defined below on the Settlement Date. Thereafter, Eligible Holders of Existing Notes not validly tendered in the Exchange Offer that remain outstanding and Other Holders of Existing Notes not validly tendered in the Cash Tender Offer that remain outstanding will be bound by the Proposed Amendments even though they have not consented to the Proposed Amendments.Exchange Offer Pursuant to the terms of the Exchange Offer, Eligible Holders who validly tendered and did not validly withdraw their Existing Notes and their consents on or prior to the Early Participation Date will receive total consideration for each 1,000 in principal amount of Existing Notes tendered of either 1 650 in cash subject, along with the Cash Tender Offer, to a combined cap of 77.0 million in aggregate principal amount of Existing Notes Option 1, 2 1,000 in principal amount of 11.50 senior secured second lien notes due 2025 the Exchange Notes Option 2, or 3 a the right to acquire the Rights Offering an Eligible Holders pro rata share of 50.0 million of 10.00 senior secured 1.5 lien notes due 2024 the New Notes, the proceeds of which will be used to fund the cash portion of the Exchange Offer and the Cash Tender Offer, to purchase Existing Notes on a pro rata basis from Eligible Holders that participate in the Rights Offering with Excess Proceeds as defined below, if any, and any remaining proceeds will be used for general partnership purposes and b 1,000 in principal amount of Exchange Notes for such Eligible Holders Existing Notes remaining after application of the Excess Proceeds Option 3, at the option of each Eligible Holder that elects to participate in the Exchange Offer, subject to adjustments as described in the Offering Memorandum. Eligible Holders who validly tender their Existing Notes after the Early Participation Date but at or prior to the Expiration Time will receive exchange consideration for each 1,000 in principal amount of Existing Notes tendered of either i 600 cash or ii 950 principal amount of Exchange Notes. Eligible Holders of Existing Notes accepted for exchange will also receive accrued and unpaid interest from and including February 15, 2020 until the Settlement Date. Eligible Holders rights to validly withdraw tendered Existing Notes and validly delivered consents expired on the Early Participation Date. Accordingly, tendered Existing Notes in the Exchange Offer may no longer be withdrawn except in the limited circumstances described in the Offering Memorandum.If the amount of cash consideration required to be paid pursuant to the cash portion of the Exchange Offer and the Cash Tender Offer the Total Cash Consideration is less than 50.0 million, the Partnership will first purchase Existing Notes from each Eligible Holder electing Option 3, on a pro rata basis based upon such Eligible Holders participation in the Rights Offering relative to all Eligible Holders who participated in the Rights Offering, with Excess Proceeds at a purchase price equal to 1,000 per Existing Note, and the balance of Existing Notes each such Eligible Holder tendered that were not accepted for purchase for cash will be exchanged into Exchange Notes as if such Eligible Holder had made an election pursuant to Option 2 with respect to such balance of Existing Notes. 