INDIANAPOLIS, Sept. 27, 2019 /PRNewswire/ -- Calumet
Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership"
or "Calumet") and its wholly-owned subsidiary Calumet Finance Corp.
announced today the pricing of their private placement (the
"Offering") under Rule 144A and Regulation S of the Securities Act
of 1933, as amended (the "Securities Act"), of $550 million in aggregate principal amount of
11.00% senior unsecured notes due 2025 (the "2025 Notes"). The
notes mature on April 15, 2025 and will be issued at par. The
Offering is expected to close on October 11,
2019, subject to customary closing conditions.
Calumet intends to use the net proceeds from the Offering,
together with borrowings under its revolving credit facility and
cash on hand, to fund the previously announced redemption of all of
its outstanding 6.50% Senior Notes due 2021 (the "2021 Notes").
The securities to be sold have not been registered under the
Securities Act, or any state securities laws, and unless so
registered, the securities may not be offered or sold in
the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. Calumet plans to offer and sell the
securities only to qualified institutional buyers pursuant to Rule
144A under the Securities Act and to persons outside the United States pursuant to Regulation S
under the Securities Act.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of these securities, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation, or sale would be unlawful.
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a
master limited partnership and a leading independent producer of
high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and
other feedstocks into customized lubricating oils, solvents and
waxes used in consumer, industrial and automotive products and
produces fuel products including gasoline, diesel and jet fuel.
Calumet is based in Indianapolis,
Indiana, and operates 11 manufacturing facilities located in
northwest Louisiana, northern
Montana, western Pennsylvania, Texas, New
Jersey and eastern Missouri.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this press release may
constitute "forward-looking statements." The statements discussed
in this press release that are not purely historical data are
forward-looking statements, including, but not limited to, the
statements regarding the Offering and the use of proceeds therefrom
and the conditional redemption of our 2021 Notes. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Our forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause our actual results to differ
materially from our historical experience and our present
expectations. For additional information regarding known material
risks, uncertainties and other factors that can affect future
results, please see our filings with the Securities and Exchange
Commission, including our latest Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. We undertake no obligation to
publicly update or revise any forward-looking statements after the
date they are made, whether as a result of new information, future
events or otherwise.
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SOURCE Calumet Specialty Products Partners, L.P.