Calumet, Inc · NASDAQ:CLMT
Calumet — Calumet Specialty Products Partners — Merger or Acquisition (November 2023)
7 slides from Calumet's merger presentation, Nov 16, 2023
Slide 1: Corporate Transition Overview
November 16, 2023 Corporate Transition Overview
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the “Company,” “Calumet,” “CLMT,” "we," "our" or like terms) as of November 16, 2023. The information in this Presentation includes certain “forward-looking statements.”
Slide 3: Transaction Overview: C-Corp Transition
Transaction Overview: C-Corp Transition On November 9, 2023, Calumet announced plans to transition to a C-Corp to maximize future opportunities, access a broader base of investors and unlock shareholder value Transaction highlights: C-Corp transition will eliminate Incentive Distribution Rights (“ID
Slide 4: Corporate Transition
Corporate Transition CLMT unitholders to exchange all existing CLMT units in a 1-1 ratio for New CLMT common stock structured as a nontaxable “Reverse-Merger” transaction Reverse Merger CLMT Units New CLMT Stock CLMT Unitholders CLMT MLP New CLMT (C-Corp)
Slide 5: Tax Benefits
Tax Benefits Unlike many other public MLP simplification or conversions, CLMT is pursuing a Nontaxable Corporate Conversion Transaction Post-Closing, sales of New CLMT common stock are expected to be characterized as capital gains/losses: Maximum federal tax rate for long-term capital gains is curre
Slide 6: Dilution Calculation
Dilution Calculation Warrants: 2.0 million Strike Price $20 / share Term: 3 Years Illustrative Share Price $20 $25 $30 $35 $40 $45 $50 Net New Shares From Warrants Conversion (Millions) 0.00 0.40 0.67 0.86 1.00 1.11 1.20 Dilution Including Warrants 4.5% 5.0% 5.3% 5.5% 5.6% 5.8% 5.8% Unit/Share Count
Slide 7: Tax Disclosures
Tax Disclosures No Advice This Presentation has been prepared by Calumet as of November 16, 2023. This Presentation has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Calumet unitholders should consult t
Calumet Specialty Products Partners — Merger or Acquisition (November 2023) on 6ix