- Partnership Retires Senior Secured First Lien Notes due
2024
- Calls $50 million of Senior Notes
due 2025
INDIANAPOLIS, March 12,
2024 /PRNewswire/ -- Calumet Specialty Products
Partners, L.P. (NASDAQ: CLMT) (the "Partnership") and its
wholly-owned subsidiary Calumet Finance Corp. (together with the
Partnership, the "Issuers") announced the closing of $200 million in aggregate principal amount of a
new series of the Issuers' 9.25% Senior Secured First Lien Notes
due 2029 (the "Notes") in a private placement transaction.
The Notes were issued at par for proceeds of $200 million, before estimated transaction
expenses.
As previously announced, the Partnership used a portion of the
net proceeds from the private placement to redeem all of the
Issuers' outstanding 9.25% Senior Secured First Lien Notes due
2024. In addition, the Partnership intends to use the
remaining net proceeds from the private placement, together with
cash on hand, to redeem $50 million
in aggregate principal amount of the Issuers' outstanding 11.00%
Senior Notes due 2025.
"We were pleased to extend a significant portion of our
near-term maturities, reduce our total interest expense, and add
flexibility as we execute our deleveraging strategy," said
Todd Borgmann, CEO.
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT)
manufactures, formulates and markets a diversified slate of
specialty branded products and renewable fuels to customers across
a broad range of consumer-facing and industrial markets.
Calumet is headquartered in Indianapolis, Indiana and
operates twelve facilities throughout North America.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this press release may
constitute "forward-looking statements." The statements discussed
in this press release that are not purely historical data are
forward-looking statements, including, but not limited to, the
statements regarding the private placement and the use of proceeds
therefrom and the partial redemption of our 2025 Notes. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Our forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause our actual results to differ
materially from our historical experience and our present
expectations. For additional information regarding known material
risks, uncertainties and other factors that can affect future
results, please see our filings with the Securities and Exchange
Commission, including our latest Annual Report on Form 10-K. We
undertake no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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SOURCE Calumet Specialty Products Partners, L.P.