🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

Calumet closes $200 million notes offering to pay debt

EditorLina Guerrero
Published 03/12/2024, 05:11 PM
© Reuters.

INDIANAPOLIS - Calumet Specialty Products (NASDAQ:CLMT) Partners, L.P. (NASDAQ: CLMT), along with its subsidiary Calumet Finance Corp., has successfully closed a $200 million offering of 9.25% Senior Secured First Lien Notes due in 2029. The private placement saw the notes issued at par, garnering proceeds of $200 million before estimated transaction expenses.

The company detailed that the net proceeds from the offering were used to retire all of their outstanding 9.25% Senior Secured First Lien Notes due 2024. Moreover, Calumet plans to utilize the remaining proceeds, in conjunction with available cash, to redeem $50 million of their 11.00% Senior Notes due 2025.

Todd Borgmann, CEO of Calumet, expressed satisfaction with the transaction, noting that it allowed the company to extend a significant portion of its near-term maturities, reduce total interest expense, and enhance financial flexibility to support its deleveraging strategy.

Calumet Specialty Products Partners, L.P. is an Indianapolis-based manufacturer and marketer of specialized branded products and renewable fuels, operating across diverse consumer and industrial markets with twelve facilities in North America.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.