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Calumet Specialty Products Partners, L.P. Announces Details Surrounding its Exchange Offer and Consent Solicitation
INDIANAPOLIS, July 24, 2020 /PRNewswire/ -- On July 20, 2020, Calumet Specialty Products Partners, L.P. ("Calumet" or the "Company") (NASDAQ: CLMT) and
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, July 24, 2020 /PRNewswire/ -- On July 20, 2020, Calumet Specialty Products Partners, L.P. (\"Calumet\" or the \"Company\") (NASDAQ: CLMT) and Calumet Finance Corp. (\"Finance Corp.\" and, together with the Company, the \"Issuers\") announced the early results of their (i) private exchange offer (the \"Exchange Offer\") to certain holders of their 7.625% Senior Notes due 2022 (the \"2022 Notes\") to exchange 2022 Notes for newly issued 9.25% Senior Secured First Lien Notes due 2024 (the \"New Notes\") and (ii) solicitation (the \"Consent Solicitation\") of consents (the \"Consents\") from holders of their outstanding 11.00% Senior Notes due 2025 (the \"2025 Notes\") to allow the Issuers to consummate the Exchange Offer. The Exchange Offer and Consent Solicitation will expire at 11:59 p.m., New York City time, on July 31, 2020, unless extended or earlier terminated by the Issuers in their sole discretion.\nAs previously announced, the Issuers entered into a Support Agreement, dated July 6, 2020 with holders (the \"Supporting Holders\") of approximately 55.9% of the aggregate principal amount of the outstanding 2022 Notes and 65.8% of the aggregate principal amount of the outstanding 2025 Notes. The Supporting Holders have tendered their 2022 Notes and are committed to deliver their Consents on the 2025 Notes prior to expiration of the Consent Solicitation. With the Consents from the Supporting Holders representing approximately 65.8% of the aggregate principal amount of the outstanding 2025 Notes and the other Consents separately submitted to and accounted for by D.F. King & Co. Inc., the Company currently expects total Consents to be delivered in the Consent Solicitation of approximately 65.9% of the aggregate principal amount of the outstanding 2025 Notes. As a result, the Company expects to receive Consents required to amend the indenture governing the 2025 Notes and close the Exchange Offer on the timeline disclosed in the offering memorandum related to the Exchange Offer.\nQuestions regarding the Consent Solicitation may be directed to D.F. King & Co. Inc. by phone at (800) 515-4479 (toll free) or (212) 269-5550 (collect) or by e-mail at [email protected]. Requests for copies of the offering memorandum related to the Exchange Offer and consent solicitation statement related to the Consent Solicitation may be di...