Calumet Completes Upsized Notes Offering

Core Viewpoint - Calumet, Inc. successfully closed a private placement of $405 million in Senior Notes, which will be used to redeem existing higher-interest debt, enhancing financial stability and operational capacity [1][2][3] Group 1: Offering Details - The private placement involved $405 million in aggregate principal amount of 9.75% Senior Notes due 2031, issued at 98.996% of par, resulting in net proceeds of approximately $393 million after expenses [1] - The offering was upsized from an initial size of $350 million, indicating strong market demand [1] Group 2: Use of Proceeds - The net proceeds from the offering will be combined with cash on hand and borrowings to redeem all outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027 [2] - This strategic move aims to eliminate near-term senior note maturities, thereby improving the company's financial flexibility [3] Group 3: Operational Context - The offering's success was attributed to over $220 million in debt reduction in 2025, driven by cost reductions and operational improvements [3] - The company generated over $120 million in cash in the second half of 2025, contributing to the capacity for this offering and future growth initiatives [3] Group 4: Company Overview - Calumet, Inc. manufactures and markets a diverse range of specialty branded products and renewable fuels across various consumer and industrial markets [4] - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America [4]