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Calumet Specialty Products Partners, L.P. Announces $325 Million Private Placement of Senior Notes due 2028
INDIANAPOLIS, June 12, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet") and its wholly-owned
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, June 12, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership\" or \"Calumet\") and its wholly-owned subsidiary Calumet Finance Corp. announced today that, subject to market conditions, they intend to offer (the \"Offering\") for sale to eligible purchasers in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the \"Securities Act\"), $325 million in aggregate principal amount of Senior Notes due 2028. Calumet intends to use the net proceeds from the Offering to fund the Partnership's offers to purchase (the \"Tender Offers\") any and all of the outstanding $200 million in aggregate principal amount of the 9.25% Senior Secured First Lien Notes due 2024 (the \"2024 Secured Notes\") and up to $100 million in aggregate principal amount of the outstanding 11.00% Senior Notes due 2025 (the \"2025 Notes\" and, together with the 2024 Secured Notes, the \"Existing Notes\") and to pay related premiums and expenses, with the remaining net proceeds to be used for general partnership purposes, including debt repayment. Following the consummation or termination of the Tender Offer to purchase the 2024 Secured Notes and assuming completion of the Offering, on or after July 15, 2023, Calumet intends to redeem any amount of 2024 Secured Notes that remain outstanding at par, plus accrued and unpaid interest to, but not including, the redemption date (the \"Redemption\").\nThe securities to be offered will not be, and have not been, registered under the Securities Act, or any state securities laws, and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Calumet plans to offer and sell the securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.\nThis announcement does not constitute an offer to purchase with respect to the Existing Notes or a notice of redemption with respect to the 2024 Secured Notes. The Offering is not conditioned on the consummation of the Tender Offers. Th...