Calumet starts tender offers for notes due in 2024 and 2025

Chicago, June 12 – Calumet Specialty Products Partners, LP started tender offers for two series of notes on Monday, according to a press release.

The issuer is conducting an any-and-all tender offer for its $200 million outstanding 9¼% senior secured first-lien notes due 2024 (Cusip: 131477AU5, U13077AK5) for a total consideration of $1,001.25 per $1,000 note.

The company is also conducting a $100 million capped offer for its $513,541,000 outstanding 11% senior notes due 2025 (Cusip: 131477AT8, U13077AJ8) for a total consideration of $1,045 per $1,000 note.

Both considerations include $30 early tender premiums that will only be paid to noteholders who participate by the early deadline.

The 2025 notes may be accepted on a prorated basis.

There is a financing condition for the offers, namely that Calumet must successfully sell at least $325 million of new senior notes and close the offering before the settlement date.

After the offer is finished, Calumet expects to call any remaining notes due 2024 at par, plus accrued interest.

The early deadline is 5 p.m. ET on June 26, also the withdrawal deadline.

The offer expires at 5 p.m. ET on July 12.

Early settlement is expected for June 28, and final settlement is planned for July 13.

BofA Securities is the dealer manager (888 292-0070, 646 743-0698, debt_advisory@bofa.com).

D.F. King & Co., Inc. is the information and tender agent for the offer (800 992-3086, 212 269-5550, calumet@dfking.com).

The producer of fuel products and specialty hydrocarbon products is based in Indianapolis.

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