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Calumet Specialty Products Partners, L.P. Announces Execution of Conversion Agreement
INDIANAPOLIS, Feb. 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet," "the Partnership," "we," or "us"), announced
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, Feb. 12, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (\"Calumet,\" \"the Partnership,\" \"we,\" or \"us\"), announced today that we have entered into an agreement that sets forth the terms of our previously announced conversion (the \"Conversion\") to a new Delaware corporation, Calumet Inc. (\"New Calumet\").\n\nAs previously announced, on November 9, 2023, Calumet entered into the Partnership Restructuring Agreement with Calumet GP LLC, the general partner of the Partnership (the \"General Partner\"), and The Heritage Group and the other owners of the General Partner (collectively, the \"Sponsor Parties\"), pursuant to which the parties agreed to negotiate and enter into a Conversion Agreement to, among other things, implement the terms of the Conversion.\nOn February 9, 2024, Calumet, the General Partner, New Calumet, Calumet Merger Sub I LLC, Calumet Merger Sub II LLC and the Sponsor Parties entered into the Conversion Agreement (the \"Conversion Agreement\"). The Board of Directors of the General Partner (the \"Board\") has unanimously approved the terms of the Conversion Agreement. The Board approved the Conversion Agreement following the recommendation and special approval of the Conflicts Committee of the Board. New Calumet is expected to file a registration statement on Form S-4 with the Securities and Exchange Commission containing a proxy statement/prospectus that will be used to solicit proxies for the vote of the Partnership's unitholders in connection with the Conversion and other matters that will be described more fully in the proxy statement/prospectus.\n\"Completion of the conversion agreement is the next step in Calumet's transformation from an MLP to a C-Corp,\" said Todd Borgmann, CEO. \"In the coming months, we expect to file the S-4 and hold a unitholder vote, with an ultimate target of mid-year for completing the conversion. 2024 is a pivotal year for Calumet, filled with near-term catalysts that could create meaningful shareholder value. I thank our General Partner and Conflicts Committee for laying the groundwork for this conversion which will enable more investors to participate in the Calumet opportunity.\"\nFor more information and for further details, please see the Form 8-K that will be filed with the Securities and Exchange Commission.\nConditions to...