Calumet, Inc. Prices $405 Million Private Placement of Senior Notes
Calumet, Inc. (NASDAQ: CLMT) announced today the successful pricing of its private placement of $405 million in 9.75% Senior Notes due in 2031. The offering is being made through its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. The private placement is set to close on January 12, 2026, pending customary closing conditions.
Details of the Offering
The offering, which was upsized from an initial amount of $350 million, will see the senior notes issued at 98.996% of par. These notes will mature on February 15, 2031. Calumet plans to utilize the net proceeds from this offering, along with cash on hand and any borrowings under its revolving credit facility, to redeem its existing 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027.
Intended Use of Proceeds
Calumet's strategic plan with the proceeds includes:
- Redemption of Existing Notes: All of the Issuers' outstanding 11.00% Senior Notes due 2026.
- Redemption of Existing Notes: All of the Issuers' outstanding 8.125% Senior Notes due 2027.
This move reflects Calumet's commitment to manage its debt efficiently and strengthen its financial position.
Compliance and Regulatory Information
The notes offered have not been registered under the Securities Act of 1933 or any state securities laws. Therefore, they may not be sold in the United States unless registered or exempted. The securities will be available only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S of the Securities Act.
About Calumet
Calumet, Inc. (NASDAQ: CLMT) operates in the specialty products and renewable fuels sector, delivering a range of products to both consumer and industrial markets. Headquartered in Indianapolis, Indiana, Calumet boasts twelve facilities across North America, focusing on innovation and high-quality offerings.
Forward-Looking Statements
This press release contains forward-looking statements concerning Calumet, which may include expectations regarding future events, including the offering and its potential impacts. While management believes these projections to be reasonable, actual results may differ due to various risk factors. For more information, stakeholders can refer to the filings made with the Securities and Exchange Commission (SEC) for details on material risks and other influencing factors.