INDIANAPOLIS, Nov. 22,
2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT)
(the "Company" or "Calumet") and its wholly owned subsidiaries,
Calumet Specialty Products Partners, L.P. (the "Partnership") and
Calumet Finance Corp. ("Finance Corp." and, together with the
Partnership, the "Issuers"), today announced the expiration and
final results of the previously announced private exchange offer
(the "Exchange Offer") to certain holders of their 11.00% Senior
Notes due 2025 (the "Old Notes") to exchange any and all of the Old
Notes for newly issued 11.00% Senior Notes due 2026 (the "New
Notes").
The Exchange Offer expired at 5:00
p.m., New York City time,
on November 21, 2024 (such time and
date, the "Expiration Time"). As of the Expiration Time, an
aggregate of $354,399,000 principal
amount of the Old Notes, representing approximately 97.5% of the
outstanding Old Notes, had been validly tendered and not validly
withdrawn, according to information provided by the information and
exchange agent for the Exchange Offer. As of the Expiration Time,
all conditions to the Exchange Offer were satisfied or waived by
the Issuers.
The Issuers expect the settlement of the Exchange Offer to occur
on or about November 25, 2024.
In connection with the settlement of the Exchange Offer, the
Issuers expect to accept for exchange an aggregate of $354,399,000 principal amount of Old Notes and to
issue an aggregate of $354,399,000
principal amount of New Notes.
The New Notes and the Exchange Offer have not been and will not
be registered with the U.S. Securities and Exchange Commission (the
"SEC") under the Securities Act of 1933, as amended (the
"Securities Act"), or any state or foreign securities laws.
The New Notes may not be offered or sold in the United States or for the account or
benefit of any U.S. persons except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act. The Exchange Offer was not made to
holders of Old Notes in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the securities,
blue sky or other laws of such jurisdiction. This press
release is for informational purposes only and is not an offer to
purchase or a solicitation of an offer to purchase or sell any
securities, nor shall there be any sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Calumet
Calumet, Inc. (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 words "will," "may,"
"intend," "believe," "expect," "outlook," "forecast," "anticipate,"
"estimate," "continue," "plan," "should," "could," "would," or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. 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 (i) the expected settlement of
the Exchange Offer, (ii) our expectation regarding our business
outlook and cash flows, and (iii) our ability to meet our financial
commitments, debt service obligations, debt instrument covenants,
contingencies and anticipated capital expenditures. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. While our management considers these assumptions to
be reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. Accordingly, our actual results
may differ materially from the future performance that we have
expressed or forecast in our forward-looking statements. For
additional information regarding known material risks,
uncertainties and other factors that can affect future results,
please see our filings with the SEC, including the risk factors and
other cautionary statements in the latest Annual Report on Form
10-K of the Partnership and other filings with the SEC by the
Company and the Partnership. 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, except to the extent required by applicable law.
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SOURCE Calumet, Inc.