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S&P rates Calumet notes B
Standard & Poor's said it assigned a B senior unsecured debt rating on Calumet Specialty Products Partners, LP's proposed $200 million senior unsecured notes due 2019.
The recovery rating on the notes is 4, indicating 30% to 50% expected recovery in a default.
The agency also said it revised the recovery rating on the company's existing senior unsecured notes to 4, indicating 30% to 50% expected recovery in a default, from 3.
Calumet also launched a concurrent offering of 11 million common units, S&P said.
The proceeds will be used to help fund the about $475 million acquisition of Murphy Oil Corp.'s Superior, Wis. refinery, the agency said.
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