Calumet Specialty Products (CLMT) just unveiled an update.
Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. have successfully issued $200 million of 9.25% Senior Secured First Lien Notes due 2029 in a private placement, leveraging an exemption under the Securities Act. The proceeds are primarily aimed at redeeming their existing 2024 and 2025 dated secured notes. The newly issued notes, secured by a range of assets and accompanied by certain redemption rights, are part of a strategic financial maneuver governed by an indenture with Wilmington Trust. This indenture places restrictions on the company’s financial operations, which may be relaxed if the notes achieve investment-grade status. Additionally, an amendment to the collateral trust agreement has been executed in relation to this issuance.
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