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Calumet Specialty Products Partners, L.P. Announces Pricing of $550 Million Private Placement of 11.00% Senior Notes due 2025
INDIANAPOLIS, Sept. 27, 2019 /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, Sept. 27, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership\" or \"Calumet\") and its wholly-owned subsidiary Calumet Finance Corp. announced today the pricing of their private placement (the \"Offering\") under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the \"Securities Act\"), of $550 million in aggregate principal amount of 11.00% senior unsecured notes due 2025 (the \"2025 Notes\"). The notes mature on April 15, 2025 and will be issued at par. The Offering is expected to close on October 11, 2019, subject to customary closing conditions. \nCalumet intends to use the net proceeds from the Offering, together with borrowings under its revolving credit facility and cash on hand, to fund the previously announced redemption of all of its outstanding 6.50% Senior Notes due 2021 (the \"2021 Notes\").\nThe securities to be sold 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 qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.\nThis press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.\nAbout Calumet Specialty Products Partners, L.P.\nCalumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products and produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates 11 manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jers...