Martin Midstream Partners prices offering of about 1.7 million of its common units

Martin Midstream Partners prices offering

KILGORE, Texas — Martin Midstream Partners LP said Wednesday that it priced a public offering of about 1.7 million of its common units at $32.35 per unit.

The oil and natural gas distributor plans to use the offering’s net proceeds to repay outstanding debt under its revolving loan agreement.

Martin Midstream gave the underwriters a 30-day option to buy up to an additional 247,500 units to cover any overallotments.

The offering is expected to close on Monday.

Martin Midstream’s stock dropped $1.21, or 3.6 percent, to $32.29 in morning trading. The shares have traded between $13.76 and $34.39 over the last year.