Calumet does not envision a need to issue equity

Calumet (CLMT) provided an update on its recent financing activity, including the pricing by its wholly owned subsidiaries, Calumet Specialty Products Partners and Calumet Finance Corp., of their private placement of $10M in aggregate principal amount of 9.75% senior notes due 2028 and registration its $65M at-the-market equity program. “Yesterday’s successful bond pricing was a targeted piece of refinancing,” said Todd Borgmann, CEO. “In conjunction with the notes offering, Calumet registered a small ATM equity facility. While we do not envision a need to issue equity, the flexible program provides a controllable, and fully optional, tool to prudently manage maturities. These financings, alongside our recently closed DOE loan and expected free cash flow provide a clear, robust, and flexible path to removing our 2026 notes, allowing us to focus on our strategic objectives of executing the MaxSAF project and deleveraging our balance sheet with a continued focus on shareholder value creation.”