Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. Announces 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
March 12, 2024 at 04:58 pm EDT
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Calumet Specialty Products Partners, L.P. 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 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.
Calumet Specialty Products Partners, L.P. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a range of consumer-facing and industrial markets. In its Specialty Products and Solutions segment, the Company manufactures and markets a variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. Its Montana/Renewables segment consists of two facilities, renewable fuels, and specialty asphalt. At its Montana Renewables facility, it processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel (SAF), renewable hydrogen, and others. At its Montana specialty asphalt facility, it processes Canadian crude oil into conventional gasoline, diesel, and others. In its Performance Brands segment, it blends, packages and markets high performance products through its Royal Purple, Bel-Ray, and TruFuel brands.
Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. Announces 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