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Calumet Specialty Products Partners, L.P. Announces Expiration and Final Results of its Exchange Offer and Consent Solicitation
INDIANAPOLIS, Aug. 3, 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, Aug. 3, 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 expiration and final 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.\nThe Exchange Offer and Consent Solicitation expired at 11:59 p.m., New York City time, on July 31, 2020 (such time and date, the \"Expiration Time\"). As of the Expiration Time, according to information provided to the Company by D.F. King & Co. Inc., (i) approximately $308.6 million in aggregate principal amount of the 2022 Notes, representing approximately 88.2% of the total outstanding principal amount of the 2022 Notes, had been validly tendered (and not validly withdrawn), and (ii) holders of approximately $533.6 million in aggregate principal amount of the 2025 Notes, representing approximately 97.0% of the outstanding principal amount of 2025 Notes, had validly delivered (and not validly revoked) their Consents. As of the Expiration Time, all conditions to the Exchange Offer and Consent Solicitation were satisfied or waived by the Issuers.\nThe Issuers expect the settlement of the Exchange Offer and Consent Solicitation to occur on or about August 5, 2020. In connection with the settlement of the Exchange Offer, the Issuers expect to accept for exchange approximately $200 million in aggregate principal amount of 2022 Notes and to issue $200 million in aggregate principal amount of New Notes. In connection with the settlement of the Consent Solicitation, the Issuers expect to execute the first supplement to the indenture governing the 2025 Notes and to make the cash payment of $2.50 per $1,000 principal amount of 2025 Notes for which Consents were validly delivered (and not validly revoked).\nThe New Notes and the Exchange Offer have not been and will not be registered with the U.S. Securiti...