Calumet starts consent solicitation to amend 7 5/8%, 7¾% notes

Chicago, Feb. 1 – Calumet Specialty Products Partners, LP and Calumet Finance Corp. started a consent solicitation to amend the indentures governing the issuers’ $149,996,000 outstanding 7 5/8% senior notes due 2022 (Cusip: 131477AL5) and $325 million outstanding 7¾% senior notes due 2023 (Cusip: 131477AQ4), according to a consent solicitation statement.

The main purpose of the consent solicitations is to allow Calumet to incur debt and enter into sale and leaseback transactions. The ability to conduct sale and leaseback transactions would include Calumet Shreveport Refining, LLC selling and leasing back some of its property comprising the Shreveport refinery fuels terminal and some related assets.

To be adopted, the proposed amendments must be approved by holders representing a majority of each series of notes.

A cash payment of $5 per $1,000 notes will be paid to noteholders who validly deliver consents and do not revoke those consents, provided the solicitation is completed.

The proposed amendments will become effective if enough consents are received, the consent fee is paid, the sale and leaseback transaction above is consummated and the other conditions are satisfied or waived.

The solicitations will expire at 5 p.m. ET on Feb. 5, also the revocation deadline.

D.F. King & Co., Inc. is the information and tabulation agent for the solicitation (212 269-5550, 866 796-1292, calumet@dfking.com).

Calumet is an Indianapolis-based producer of specialty hydrocarbon products and owns specialty and fuel products facilities in Louisiana, Montana, Pennsylvania, Texas and Missouri.

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