Acquisition of Cardinal Interest – Martin Midstream Partners Lp

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Acquisition of Cardinal Interests August 11th, 2014 NASDAQ: MMLP www.martinmidstream.com
CARDINAL PROFILE Asset Highlights Location Strategically located in the nations largest natural gas corridor with interconnections to several critical pipelines Uniquely positioned to capitalize on the growing demand center of the…
TRANSACTION OVERVIEW 120 million in cash for 57.8% Category A interest Consideration 265 million payoff of 100% of net project finance debt at Cardinal Total investment of 385 million (273 million attributable to acquired…
TRANSACTION HIGHLIGHTS MMLP estimates 2015 Cardinal distributions of approximately 40 to 45 million Unlock Significant Post-closing, MMLP will receive 100% of all Cardinal cash flows (no debt at Cardinal or subs) Cash Distributions…
CURRENT TRENDS Return to Volatility Enhances Value of Storage Impact from 2013/14 winter resulted in massive storage drawdowns and return to volatility absent previous four years Relatively cool summer season has resulted in record…
FORWARD THOUGHTS Long-Term Demand Outlook Continues to Strengthen LNG Exports - Confidence continues to increase LNG exports look promising beginning in 2018 (Sabine Pass, Cameron, Freeport all FERC approved) Commissioning of LNG…
SUMMARY Shorter-term Accretive to distributions by 0.15+ (annualized)/LP unit by 4Q-2015 Improves distribution coverage ratio to above 1.05x (pro forma for distribution increase) Increases percentage of fee-based cash flow to…