Calumet, Inc.'s wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. and Calumet Finance Corp., priced a private placement of $100 million in aggregate principal amount of 9.75% Senior Notes due 2028. The New Notes will mature on July 15, 2028, and are being issued at 98% of par.
The offering is expected to close on January 16, 2025, subject to customary closing conditions. Calumet intends to use all of the net proceeds from this offering to redeem a portion of its outstanding 11.00% Senior Notes due 2026 on or before April 15, 2025.
This refinancing move aims to reduce the company's financing costs and extend its debt maturity profile, aligning with its strategic objective of deleveraging the balance sheet. The New Notes are a mirror issue to the Issuers' existing 9.75% Senior Notes due 2028.
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