Calumet Announces Early Results for its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025
Calumet announced early results of its private exchange offer for its 11.00% Senior Notes due 2025. As of November 5, 2024, approximately 97.5% ($354,399,000) of outstanding Old Notes were validly tendered. The company is offering new 11.00% Senior Notes due 2026 in exchange. Eligible holders who tendered before the Early Tender Time will receive $1,000 principal amount of New Notes for each $1,000 of Old Notes. The exchange offer requires a minimum participation of 80% of aggregate principal amount and will expire on November 21, 2024, unless extended.
Calumet ha annunciato i risultati preliminari della sua offerta di scambio privata per le sue Note Senior al 11.00% in scadenza nel 2025. A partire dal 5 novembre 2024, circa 97.5% ($354,399,000) delle Note Vecchie in circolazione sono state valide per il tender. L'azienda offre nuove Note Senior al 11.00% in scadenza nel 2026 in cambio. I detentori idonei che hanno effettuato il tender prima dell'Orario di Tender Anticipato riceveranno $1,000 di valore nominale di Nuove Note per ogni $1,000 di Note Vecchie. L'offerta di scambio richiede una partecipazione minima dell'80% dell'importo nominale aggregato e scadrà il 21 novembre 2024, salvo proroga.
Calumet anunció los resultados preliminares de su oferta de intercambio privada para sus Notas Senior del 11.00% con vencimiento en 2025. A partir del 5 de noviembre de 2024, aproximadamente 97.5% ($354,399,000) de las Notas Viejas en circulación fueron válidamente presentadas. La compañía está ofreciendo nuevas Notas Senior del 11.00% con vencimiento en 2026 a cambio. Los tenedores elegibles que presenten antes de la Hora de Presentación Anticipada recibirán $1,000 en monto principal de Nuevas Notas por cada $1,000 de Notas Viejas. La oferta de intercambio requiere una participación mínima del 80% del monto principal agregado y expirará el 21 de noviembre de 2024, a menos que se extienda.
Calumet는 2025년에 만기가 도래하는 11.00% 선순위 노트에 대한 민간 교환 제안의 조기 결과를 발표했습니다. 2024년 11월 5일 기준으로 유효하게 입찰된 구 노트의 약 97.5%($354,399,000)가 확인되었습니다. 회사는 교환 조건으로 2026년 만기인 새로운 11.00% 선순위 노트를 제공합니다. 조기 입찰 시 자격이 있는 보유자는 구 노트의 $1,000마다 $1,000의 원금액을 새로운 노트로 받게 됩니다. 교환 제안은 전체 원금의 80%의 최소 참여를 요구하며, 2024년 11월 21일에 만료됩니다. 단, 연장될 수 있습니다.
Calumet a annoncé les résultats préliminaires de son offre d'échange privée pour ses Obligations Senior à 11,00% arrivant à échéance en 2025. Au 5 novembre 2024, environ 97,5% (354,399,000 $) des Obligations Anciennes en circulation ont été validement soumises. L'entreprise propose de nouvelles Obligations Senior à 11,00% arrivant à échéance en 2026 en échange. Les détenteurs éligibles ayant soumis leur offre avant l'Heure de Soumission Anticipée recevront 1 000 $ de montant principal de Nouvelles Obligations pour chaque 1 000 $ d'Obligations Anciennes. L'offre d'échange nécessite une participation minimale de 80% du montant principal global et expirera le 21 novembre 2024, sauf extension.
Calumet hat die vorläufigen Ergebnisse seines privaten Austauschangebots für seine 11,00% Senior Notes mit Fälligkeit 2025 bekannt gegeben. Stand 5. November 2024 wurden etwa 97,5% ($354.399.000) der ausstehenden alten Noten gültig angeboten. Das Unternehmen bietet im Austausch neue 11,00% Senior Notes mit Fälligkeit 2026 an. Berechtigte Inhaber, die vor der frühen Angebotsfrist tendern, erhalten $1.000 Nennbetrag neuer Noten für jede $1.000 alten Noten. Das Austauschangebot erfordert eine Mindestbeteiligung von 80% des gesamten Nennbetrags und läuft am 21. November 2024 aus, sofern es nicht verlängert wird.
- High participation rate of 97.5% in the exchange offer, exceeding the minimum requirement of 80%
- Successfully extending debt maturity from 2025 to 2026 through the exchange offer
- Maintaining high interest rate of 11.00% on the new notes
- New notes remain as unsecured senior obligations with similar restrictive covenants
Insights
This debt exchange offer represents a significant financial restructuring, with 97.5% of noteholders (
The high participation rate suggests strong creditor support, though at a cost - the early tender premium of
While this exchange doesn't reduce Calumet's debt burden or interest costs, it does address near-term maturity pressure and demonstrates continued market access, though at high-yield rates reflecting the company's leveraged capital structure.
As of 5:00 p.m.,
The following table sets forth the consideration offered to Eligible Holders of the Old Notes in the Exchange Offer:
Title of Notes | CUSIP Numbers / | Aggregate | Base Exchange | Early Exchange | Early Exchange | |||||
| 131477AT8 / |
|
|
| ||||||
__________________ | |
(1) | Total principal amount of New Notes for each |
(2) | Includes the Base Exchange Consideration and the Early Exchange Premium. |
The New Notes will have an interest rate of
Subject to the tender acceptance procedures described in the Offering Memorandum, promptly after the Expiration Time (as defined below) (such date, the "Settlement Date"), (i) Eligible Holders that tendered their Old Notes at or prior to the Early Tender Time will be eligible to receive the Early Exchange Consideration listed in the table above; and (ii) Eligible Holders tendering their Old Notes after the Early Tender Time and at or prior to 5:00 p.m.,
The Exchange Offer will expire at the Expiration Time, unless extended or earlier terminated by the Issuers in their sole discretion. The Exchange Offer is subject to the satisfaction or waiver of a number of conditions, including a minimum participation condition that at least
Tenders of Old Notes in the Exchange Offer may be validly withdrawn at any time prior to 5:00 p.m.,
The Exchange Offer will only be made, and the New Notes are only being offered and issued, to holders of Old Notes who are (a) reasonably believed to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or (b) non-
Eligible Holders of the Old Notes are urged to carefully read the Offering Memorandum before making any decision with respect to the Exchange Offer. None of the Issuers, the dealer manager, the trustee with respect to the Old Notes and the New Notes and the information and exchange agent or any affiliate of any of them makes any recommendation as to whether Eligible Holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offer and no one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision as to whether to tender Old Notes in the Exchange Offer and, if so, the principal amount of Old Notes to tender. Requests for copies of the Offering Memorandum may be directed to D.F. King & Co. Inc. at (800) 515-4479 (toll free) or by email to calumet@dfking.com.
The New Notes and the Exchange Offer have not been and will not be registered with the
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 statements regarding (i) the timing of the Exchange Offer and the expected participation by certain holders of the Old Notes, (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.
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