Calumet Announces $100 Million Private Placement of 9.75% Senior Notes due 2028
Calumet (NASDAQ: CLMT) announced a private placement offering of $100 million in 9.75% Senior Notes due 2028. The offering, made through its subsidiaries, will be available to eligible purchasers under Rule 144A and Regulation S. The company plans to use the net proceeds to redeem a portion of its outstanding 11.00% Senior Notes due 2026, with redemption scheduled on or before April 15, 2025.
The new notes mirror the company's existing 9.75% Senior Notes due 2028, of which $325 million was issued on June 27, 2023. While having substantially identical terms, the new notes will be issued under a separate indenture with different CUSIP numbers. The securities will be offered exclusively to qualified institutional buyers and non-U.S. persons outside the United States.
Calumet (NASDAQ: CLMT) ha annunciato un'offerta di placement privato di 100 milioni di dollari in Obbligazioni Senior al 9,75% in scadenza nel 2028. L'offerta, effettuata attraverso le sue filiali, sarà disponibile per acquirenti idonei ai sensi della Regola 144A e del Regolamento S. L'azienda prevede di utilizzare il ricavato netto per il riscatto di una parte delle sue 11,00% Obbligazioni Senior in scadenza nel 2026, con il riscatto programmato entro o prima del 15 aprile 2025.
Le nuove obbligazioni sono simili a quelle già esistenti della società, ovvero le 9,75% Obbligazioni Senior in scadenza nel 2028, delle quali è stato emesso un totale di 325 milioni di dollari il 27 giugno 2023. Pur avendo termini sostanzialmente identici, le nuove obbligazioni saranno emesse sotto un contratto separato con numeri CUSIP differenti. I titoli saranno offerti esclusivamente a compratori istituzionali qualificati e a persone non statunitensi al di fuori degli Stati Uniti.
Calumet (NASDAQ: CLMT) anunció una oferta de colocación privada de 100 millones de dólares en Notas Senior al 9.75% con vencimiento en 2028. La oferta, realizada a través de sus filiales, estará disponible para compradores elegibles bajo la Regla 144A y el Reglamento S. La empresa planea utilizar las ganancias netas para redimir parte de sus Notas Senior al 11.00% con vencimiento en 2026, con la redención programada para el 15 de abril de 2025 o antes.
Las nuevas notas son similares a las Notas Senior existentes de la empresa, las cuales tienen un 9.75% y vencen en 2028, de las cuales se emitieron 325 millones de dólares el 27 de junio de 2023. Si bien tienen términos sustancialmente idénticos, las nuevas notas se emitirán bajo un contrato separado con números CUSIP diferentes. Los valores se ofrecerán exclusivamente a compradores institucionales calificados y a personas no estadounidenses fuera de Estados Unidos.
칼루멧 (NASDAQ: CLMT)은 2028년 만기 9.75% 선순위 노트 1억 달러의 사모 발행을 발표했습니다. 이 발행은 자회사를 통해 이루어지며, 144A 규칙 및 S 규정에 따라 적격 구매자에게 제공됩니다. 회사는 순수익을 사용하여 2026년 만기 11.00% 선순위 노트의 일부를 상환할 계획이며, 상환은 2025년 4월 15일 또는 그 이전에 예정되어 있습니다.
새로운 노트는 2028년 만기 9.75% 선순위 노트와 유사하며, 2023년 6월 27일에 3억 2,500만 달러가 발행되었습니다. 거의 동일한 조건을 가지고 있지만, 새로운 노트는 CUSIP 번호가 다른 별도의 계약 하에 발행됩니다. 증권은 미국 이외의 지역에서 부적격 기관 구매자 및 비미국인에게만 독점적으로 제공됩니다.
Calumet (NASDAQ: CLMT) a annoncé une offre de placement privé de 100 millions de dollars en Notes Senior à 9,75% arrivant à échéance en 2028. L'offre, réalisée par l'intermédiaire de ses filiales, sera disponible pour les acheteurs éligibles conformément à la règle 144A et au règlement S. La société prévoit d'utiliser le produit net pour racheter une partie de ses Notes Senior à 11,00% arrivant à échéance en 2026, le rachat étant programmé au plus tard le 15 avril 2025.
Les nouvelles notes reflètent les notes Senior existantes à 9,75% arrivant à échéance en 2028, dont 325 millions de dollars ont été émises le 27 juin 2023. Bien qu'elles aient des conditions essentiellement identiques, les nouvelles notes seront émises sous un acte séparé avec des numéros CUSIP différents. Les titres seront offerts exclusivement aux acheteurs institutionnels qualifiés et aux non-Américains hors des États-Unis.
Calumet (NASDAQ: CLMT) kündigte eine Privatplatzierung von 100 Millionen US-Dollar in 9,75% Senior Notes mit Fälligkeit im Jahr 2028 an. Das Angebot, das durch Tochtergesellschaften gemacht wird, steht qualifizierten Käufern gemäß Regel 144A und Regulierung S zur Verfügung. Das Unternehmen plant, die Nettoerlöse zu verwenden, um einen Teil seiner ausstehenden 11,00% Senior Notes mit Fälligkeit im Jahr 2026 zurückzukaufen, wobei die Rückzahlung bis spätestens 15. April 2025 geplant ist.
Die neuen Anleihen spiegeln die bestehenden 9,75% Senior Notes mit Fälligkeit im Jahr 2028 wider, von denen am 27. Juni 2023 325 Millionen US-Dollar ausgegeben wurden. Obwohl sie im Wesentlichen identische Bedingungen haben, werden die neuen Anleihen unter einer separaten Urkunde mit unterschiedlichen CUSIP-Nummern ausgegeben. Die Wertpapiere werden ausschließlich qualifizierten institutionellen Käufern und nicht-US-Personen außerhalb der Vereinigten Staaten angeboten.
- Reduction in interest expense by refinancing 11.00% notes with 9.75% notes
- Extension of debt maturity from 2026 to 2028
- Additional $100 million in debt issuance
- Higher interest rate (9.75%) compared to current market rates
Insights
This
The mirror issuance structure, matching the terms of existing 2028 notes, suggests market acceptance of Calumet's credit profile. The
For context, this refinancing affects about
This debt restructuring signals positive momentum in Calumet's financial strategy. The ability to secure lower-cost debt in the current high-rate environment demonstrates improving market confidence in the company's specialty chemicals and renewable fuels business model. The
The private placement approach to qualified institutional buyers suggests strong institutional demand, which could support future refinancing efforts. The decision to maintain separate CUSIP numbers, rather than combining with existing 2028 notes, provides flexibility for future liability management. This transaction positions Calumet more competitively within the specialty chemicals sector, where capital structure optimization is important for maintaining operational flexibility and funding growth initiatives.
The New Notes are a mirror issue to the Issuers' existing
The securities to be offered will not be, and have not been, registered under the Securities Act, or any state securities laws, and unless so registered, the securities may not be offered or sold in
This press release does not constitute a notice of redemption with respect to the 2026 Notes. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
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
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 Offering and the use of proceeds therefrom and the Redemption. 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 Securities and Exchange Commission ("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.
FAQ
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