Calumet Announces Pricing of $100 Million Private Placement of 9.75% Senior Notes due 2028
Calumet (NASDAQ: CLMT) announced the pricing of a $100 million private placement of 9.75% Senior Notes due 2028, to be issued at 98% of par. The offering is expected to close on January 16, 2025. The new notes are a mirror issue to the existing $325 million 9.75% Senior Notes issued in June 2023, though they will be issued under a separate indenture with different CUSIP numbers.
The company plans to use the net proceeds to redeem a portion of its outstanding 11.00% Senior Notes due 2026, with the redemption expected on or before April 15, 2025. The securities will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, and have not been registered under the Securities Act.
Calumet (NASDAQ: CLMT) ha annunciato il prezzo di un collocamento privato di 100 milioni di dollari di Note Senior al 9,75% che scadranno nel 2028, emesse al 98% del valore nominale. Si prevede che l’offerta si concluda il 16 gennaio 2025. Le nuove note sono un’emissione parallela alle esistenti Note Senior da 325 milioni di dollari al 9,75% emesse a giugno 2023, sebbene saranno emesse sotto un contratto separato con numeri CUSIP differenti.
L'azienda prevede di utilizzare i proventi netti per il rimborso di una parte delle sue Note Senior al 11,00% in scadenza nel 2026, con il rimborso previsto entro il 15 aprile 2025. I titoli saranno offerti esclusivamente a investitori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi del Regolamento S, e non sono stati registrati ai sensi del Securities Act.
Calumet (NASDAQ: CLMT) anunció la fijación del precio de una de Notas Senior al 9,75% con vencimiento en 2028, que se emitirán al 98% de su valor nominal. Se espera que la oferta se cierre el 16 de enero de 2025. Las nuevas notas son una emisión paralela a las existentes Notas Senior de 325 millones de dólares emitidas en junio de 2023, aunque se emitirán bajo un contrato separado con diferentes números CUSIP.
La compañía planea utilizar los ingresos netos para canjear una parte de sus Notas Senior al 11,00% que vencerán en 2026, con el canje previsto para el 15 de abril de 2025 o antes. Los valores se ofrecerán exclusivamente a compradores institucionales calificados bajo la Regla 144A y a personas fuera de los Estados Unidos bajo la Regulación S, y no han sido registrados bajo la Ley de Valores.
칼루메트 (NASDAQ: CLMT)는 1억 달러의 사모 배정으로 2028년 만기 9.75% 선순위 채권의 가격을 발표했으며, 액면가의 98%로 발행될 예정입니다. 이번 공모는 2025년 1월 16일에 마감될 것으로 예상됩니다. 새로운 채권은 2023년 6월에 발행된 3억 2500만 달러 규모의 9.75% 선순위 채권과 병행 발행되지만, 서로 다른 CUSIP 번호를 가진 별도의 약정에 따라 발행됩니다.
회사는 순수익을 사용하여 2026년 만기 11% 선순위 채권의 일부를 상환할 계획이며, 상환은 2025년 4월 15일 또는 그 이전에 진행될 예정입니다. 증권은 144A 규정에 따라 자격이 있는 기관 투자자에게만 제공되며, 비미국인에게는 규정 S에 따라 제공되며, 증권법에 따라 등록되지 않았습니다.
Calumet (NASDAQ: CLMT) a annoncé le tarif d'un placement privé de 100 millions de dollars d'Obligations Senior à 9,75 % arrivant à échéance en 2028, devant être émises à 98 % de la valeur nominale. La clôture de l'offre est prévue pour le 16 janvier 2025. Les nouvelles obligations sont une émission miroir des 325 millions de dollars d'Obligations Senior à 9,75 % émises en juin 2023, bien qu'elles soient émises sous un contrat séparé avec des numéros CUSIP différents.
L'entreprise prévoit d'utiliser les recettes nettes pour racheter une partie de ses Obligations Senior à 11,00 % arrivant à échéance en 2026, le rachat étant prévu pour le 15 avril 2025 ou avant. Les titres seront offerts exclusivement aux acheteurs institutionnels qualifiés conformément à la règle 144A et aux personnes non américaines conformément au règlement S, et n'ont pas été enregistrés en vertu de la loi sur les valeurs mobilières.
Calumet (NASDAQ: CLMT) gab die Preisfestsetzung einer 100 Millionen Dollar Privatplatzierung von 9,75% Senior Notes mit Fälligkeit 2028 bekannt, die zu 98% des Nennwerts ausgegeben werden. Es wird erwartet, dass das Angebot am 16. Januar 2025 abgeschlossen wird. Die neuen Anleihen sind eine parallele Emission zu den bestehenden 325 Millionen Dollar schweren 9,75% Senior Notes, die im Juni 2023 ausgegeben wurden, obwohl sie unter einem separaten Emissionsvertrag mit anderen CUSIP-Nummern ausgegeben werden.
Das Unternehmen plant, die Nettoeinnahmen zu nutzen, um einen Teil seiner ausstehenden 11,00% Senior Notes mit Fälligkeit 2026 zurückzuzahlen, wobei die Rückzahlung voraussichtlich am oder vor dem 15. April 2025 erfolgen wird. Die Wertpapiere werden ausschließlich an qualifizierte institutionelle Käufer gemäß Regel 144A und an nicht-US-Personen gemäß Regelung S angeboten und sind nicht unter dem Wertpapiergesetz registriert.
- Refinancing higher-cost debt (11.00%) with lower-cost notes (9.75%)
- Successfully secured $100 million in new financing
- Notes being issued at 98% of par value, representing a discount
- Additional debt issuance could increase financial leverage
Insights
This debt refinancing operation demonstrates strategic financial management by reducing Calumet's interest expense burden. The new
The mirror structure to existing 2028 notes maintains consistent debt architecture while extending maturity profile. This transaction improves the company's weighted average cost of capital and provides additional financial flexibility. The successful private placement under Rule 144A suggests strong institutional investor confidence in Calumet's credit profile and business trajectory.
The refinancing reflects proactive liability management, taking advantage of the current rate environment to optimize the capital structure. Key benefits include:
- Extended debt maturity profile by ~2 years from 2026 to 2028
- Reduced interest burden through
1.25% lower coupon rate - Enhanced financial flexibility with staggered maturity ladder
While the
Calumet intends to use all of the net proceeds from the Offering to redeem a portion of the Issuers' outstanding
The securities to be sold 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
What is the interest rate difference between CLMT's new notes and the 2026 notes being redeemed?
When will CLMT's new $100 million senior notes mature?
What is the issue price of CLMT's new $100 million senior notes?
How does CLMT plan to use the proceeds from the new notes offering?
How much in original 9.75% Senior Notes due 2028 did CLMT previously issue?
