Upon closing of the transaction and for a period of one year, Alinda will have the right to appoint two members to the board of directors of MMGP (the "MMGP Board"). After the initial one-year period, Alinda will have the right to appoint one additional member, totaling three appointees to the MMGP Board. At closing and all times thereafter, the MMGP Board will consist of seven members, at least three of which are required to be independent in accordance with
Upon closing of the transaction, MMGP will execute an amended and restated limited liability company agreement containing revised corporate governance procedures and the new MMGP Board appointment process. Other than the MMGP limited liability company agreement, there will be no change to MMLP's governing documents as a result of this transaction. MMGP will continue to own the incentive distribution rights and its 2% general partnership interest in MMLP.
In addition to its 51% voting interest in Holdings, MRMC, through various wholly-owned subsidiaries, will continue to be the largest unit holder of MMLP owning approximately 5.1 million common limited partnership units of MMLP. All proceeds received by MRMC from Alinda in this transaction will be used to pay down outstanding indebtedness at MRMC.
MRMC's board of directors and Alinda's investment committee have approved the transaction. The transaction does not require MMGP Board or regulatory approval.
Conference Call Information
The Partnership will host a conference call for analysts and investors on
Alinda is one of the world's largest infrastructure investment firms with approximately
Through its affiliated managed investment funds, Alinda currently owns
Statements in this release other than historical facts are forward-looking statements. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Partnership's control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the
Joe McCreeryHead of Investor Relations Martin Midstream Partners L.P.903-988-6425 Antonia SchwartzDirector, Investor Relations Alinda Capital Partners203-930-3831
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