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Calumet Specialty Products Partners, L.P. Announces Early Results of Cash Tender Offers for Any and All of its 9.25% Senior Secured First Lien Notes due 2024 and up to $100 Million of its 11.00% Senior Notes due 2025
INDIANAPOLIS, June 27, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet," "we," "our" or "us"), today announced the
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, June 27, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (\"Calumet,\" \"we,\" \"our\" or \"us\"), today announced the early results of its previously announced cash tender offers to purchase (the \"Offers\") (i) any and all of its 9.25% Senior Secured First Lien Notes due 2024 (CUSIP Nos. 131477AU5 / U13077AK5) (the \"2024 Secured Notes\") and (ii) up to an aggregate principal amount not to exceed $100 million (the \"Tender Cap\"), of its outstanding 11.00% Senior Notes due 2025 (CUSIP Nos. 131477AT8 / U13077AJ8) (the \"2025 Notes\" and, together with the 2024 Secured Notes, the \"Notes\"), subject to the terms and conditions set forth in the Offer to Purchase dated June 12, 2023 (as it may be amended or supplemented from time to time, the \"Offer to Purchase\"). The following table sets forth, among other things, the principal amount of Notes validly tendered and accepted for purchase as of 5:00 p.m., New York City time, on June 26, 2023 (such date, the \"Early Tender Date\"):\nNotes\nCUSIP Numbers\nAggregate Principal Amount Outstanding(1)\nTender Cap\nPrincipal Amount Tendered\nPrincipal Amount Accepted\n2024 Secured Notes\n131477AU5 / U13077AK5\n$200,000,000\nN/A\n$20,957,000\n$20,957,000\n2025 Notes\n131477AT8 / U13077AJ8\n$513,541,000\n$100,000,000\n$183,518,000\n$100,000,000\n(1) As of the date of this press release.\nUpon the terms and subject to the conditions set forth in the Offer to Purchase, Calumet is accepting for purchase all 2024 Secured Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Date and, because the purchase of the 2025 Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Date would cause Calumet to purchase an aggregate principal amount of 2025 Notes in excess of the Tender Cap, Calumet is accepting for purchase only $100 million principal amount of 2025 Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Date, at an approximate proration factor of 54.5% (rounded to the nearest tenth of a percentage point for presentation purposes). Given that the Offer for the 2025 Notes is oversubscribed, holders who validly tender 2025 Notes after the Early Tender Date will not have any of their 2025 Notes accepted for purchase and there will be no final settlement date for the 2...