Debt

3 Months Ended

Mar. 31, 2025

DEBT

At March 31, 2025 and December 31, 2024, long-term debt consisted of the following:


	March 31, 2025		December 31, 2024
$150,000 Credit facility at variable interest rate (7.84%1 weighted average at March 31, 2025), due February 2027 secured by substantially all of the Partnership’s assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnership’s operating subsidiaries, net of unamortized debt issuance costs of $2,032 and $2,242, respectively 2	$	63,968	$	51,258
$400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $5,719 and $6,223, respectively, including unamortized premium of $6,800 and $7,400, respectively, due February 2028, secured 2	387,481		386,377
Total	451,449		437,635
Less: current portion	—		—
Total long-term debt, net of current portion	$	451,449	$	437,635

1 The interest rate fluctuates based on Adjusted Term SOFR (set on the date of each advance) or the alternate base rate plus an applicable margin. The margin is set every three months. All amounts outstanding at March 31, 2025 were at Adjusted Term SOFR plus an applicable margin of 3.25%. The applicable margin for revolving loans that are SOFR loans ranges from 2.75% to 3.75%, and the applicable margin for revolving loans that are alternate base rate loans ranges from 1.75% to 2.75%. The applicable margin for SOFR borrowings effective April 16, 2025, is 3.50%. The credit facility contains various covenants that limit the Partnership’s ability to make distributions; make certain investments and acquisitions; enter into certain agreements; incur indebtedness; sell assets; and make certain amendments to the Partnership's omnibus agreement with Martin Resource Management Corporation (as amended, the "Omnibus Agreement").

2 The Partnership was in compliance with all debt covenants as of March 31, 2025 and December 31, 2024.

The Partnership paid cash interest in the amount of $24,725 and $24,653 for the three months ended March 31, 2025 and 2024, respectively. Capitalized interest was $0 and $142 for the three months ended March 31, 2025 and 2024, respectively.