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Calumet closes $200 million notes offering to pay debt

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

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