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Moody's assigns Caa1 to Calumet notes
Moody's Investors Service said it assigned a Caa1 rating to Calumet Specialty Products Partners, LPs planned $300 million of senior unsecured notes due 2028.
Calumet’s other ratings are unchanged, including the B3 corporate family rating, B3-PD probability of default rating, Caa1 ratings on the outstanding senior unsecured notes and the B1 rating on the senior secured notes. The speculative grade liquidity rating is unchanged at SGL-3.
The proceeds will be used to fully redeem the $200 million senior secured 2024 notes and tender for a portion of the senior unsecured notes due in 2025.
"Calumet's debt refinancing extends the company's debt maturity profile," stated James Wilkins, a Moody's vice president, in a press release. "The company's leverage will not change meaningfully as a result of the transaction."
The outlook is stable.
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