By Paul A. Harris
Portland, Ore., March 26 - Calumet Specialty Products Partners, LP and Calumet Finance Corp. priced an upsized $900 million issue of seven-year senior notes (B2/B+/) at par to yield 6½% on Wednesday, according to market sources.
The deal was upsized from $850 million.
The yield printed at the tight end of the 6½% to 6¾% yield talk.
BofA Merrill Lynch, Barclays, RBC Capital Markets and J.P. Morgan Securities LLC were the joint bookrunners for the quick-to-market issue.
The Indianapolis-based producer of high-quality specialty hydrocarbon products and fuel products plans to use the proceeds to fund the acquisition of Anchor, to fund the redemption of its 9 3/8% senior notes due 2019 and for general corporate purposes.
| Issuers: | Calumet Specialty Products Partners, LP and Calumet Finance Corp.
|
| Amount: | $900 million, increased from $850 million
|
| Maturity: | April 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, RBC Capital Markets, J.P. Morgan Securities LLC
|
| Co-managers: | Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 425 bps
|
| Price talk: | 6½% to 6¾%
|
| Call protection: | Three years
|
| Trade date: | March 26
|
| Settlement date: | March 31
|
| Ratings: | Moody's: B2
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| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
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