Calumet Specialty Products Partners pulls $375 million ABL revolver

By Sara Rosenberg

New York, July 22 - Calumet Specialty Products Partners LP has removed its $375 million ABL revolving credit facility, according to a market source.

The revolver isn't moving forward because the company opted forgo its proposed $450 million senior unsecured notes offering due to market conditions, the source explained.

Proceeds from the revolver and the notes were going to be used to repay the company's senior secured term loan in full and refinance its existing revolver.

Bank of America and JPMorgan were acting as the lead banks on the revolver that was being talked at Libor plus 325 basis points.

Calumet is an Indianapolis-based producer and seller of specialty hydrocarbon products.

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