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Calumet Specialty Products Partners, L.P. Announces Early Results for its Exchange Offer and Consent Solicitation
INDIANAPOLIS, July 20, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. ("Calumet" or the "Company") (NASDAQ: CLMT) and Calumet Finance Corp.
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, July 20, 2020 /PRNewswire/ -- 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\") today announced the early results of the previously announced private exchange offer (the \"Exchange Offer\") to each Eligible Holder (as defined below) of their 7.625% Senior Notes due 2022 (the \"2022 Notes\") to exchange up to $200 million aggregate principal amount of 2022 Notes for up to $200 million aggregate principal amount (the \"Maximum Exchange Amount\") of newly issued 9.25% Senior Secured First Lien Notes due 2024 (the \"New Notes\") upon the terms and subject to the conditions set forth in the confidential offering memorandum, dated July 6, 2020 (the \"Offering Memorandum\").\nThe table below sets forth the early results of the Exchange Offer, according to information provided by the tender agent, as of 5:00 p.m., New York City time, on July 17, 2020 (such time and date, the \"Early Tender Time\"):\nTitle of Notes\nCUSIP No. / ISIN\nAggregate Principal Amount of 2022 Notes Outstanding \nPrincipal Amount of Notes Tendered \nEarly Exchange Consideration(1) \n7.625% Senior Notes due 2022\n131477AL5 /\nUS131477AL51\n$350,000,000\n$308,529,000\n$1,000 principal amount of New Notes\n(1)\nTotal principal amount of New Notes for each $1,000 principal amount of 2022 Notes tendered and accepted for exchange.\nThe Issuers will accept 2022 Notes validly tendered by Eligible Holders (and not validly withdrawn) prior to the Expiration Time (as defined below) up to the Maximum Exchange Amount. Based on the principal amount of 2022 Notes validly tendered (and not validly withdrawn) prior to the Early Tender Time, the Exchange Offer is oversubscribed. 2022 Notes validly tendered (and not validly withdrawn) prior to the Early Tender Time will have no priority in acceptance over 2022 Notes validly tendered (and not validly withdrawn) after the Early Tender Time. The Issuers will accept 2022 Notes on a prorated basis. \nSubject to the tender acceptance and proration procedures described in the Offering Memorandum promptly after the Expiration Time (such date, the \"Settlement Date\"), (i) Eligible Holders tendering their 2022 Notes at or prior to the Early Tender Time will be eligible to receive $1,000 principa...