Calumet announces early tender results; one tranche oversubscribed

Chicago, June 12 – Calumet Specialty Products Partners, LP announced the early results of its tender offer for two series of notes, according to a press release on Tuesday.

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.

As of the early deadline, noteholders tendered $20,957,000 of notes in the any-and-all offer, and all notes were accepted for purchase.

The second part of the offer was capped at $100 million but was oversubscribed by the early deadline, so tenders will be prorated.

Calumet was offering to buy from the $513,541,000 outstanding 11% senior notes due 2025 (Cusip: 131477AT8, U13077AJ8) for a total consideration of $1,045 per $1,000 note.

Noteholders tendered $183,518,000 of their notes, and Calumet is maintaining the cap and will purchase $100 million of the notes. Tenders will be prorated applying a factor of 54.5%.

The considerations listed above include $30 early tender premiums that will only be paid to noteholders who participated by the early deadline.

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.

The company priced $325 million of notes on June 12, with settlement slated for July 27.

The early deadline for both offers was 5 p.m. ET on June 26, also the withdrawal deadline.

The early settlement date will be June 28.

The offers expire at 5 p.m. ET on July 12, with final settlement planned for July 13.

However, no more notes from the capped offer will be accepted, and there will be no final settlement date for that series.

At some point after July 15, Calumet expects to call any remaining notes due 2024 at par, plus accrued interest.

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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