INDIANAPOLIS, Jan. 15,
2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ:
CLMT) (the "Company," "Calumet," "we," "our" or "us") provided an
update on its recent financing activity, including the pricing by
its wholly owned subsidiaries, Calumet Specialty Products Partners,
L.P. (the "Partnership") and Calumet Finance Corp., of their
private placement of $100 million in
aggregate principal amount of 9.75% Senior Notes due 2028 (the
"Notes Offering") and registration its $65
million at-the-market equity program (the "ATM
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."
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 state in which such
offer, solicitation, or sale would be unlawful.
About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and
markets a diversified slate of specialty branded products and
renewable fuels to customers across a broad range of
consumer-facing and industrial markets. Calumet is headquartered in
Indianapolis, Indiana and operates
twelve facilities throughout North
America.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this press release may
constitute "forward-looking statements." The words "will," "may,"
"intend," "believe," "expect," "outlook," "forecast," "anticipate,"
"estimate," "continue," "plan," "should," "could," "would," or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. The
statements discussed in this press release that are not purely
historical data are forward-looking statements, including, but not
limited to, (i) our expectations regarding the ATM Offering, the
Notes Offering and the funding under the U.S. Department of Energy
loan facility, including the timing and intended use of proceeds
therefrom, (ii) our expectation regarding our business outlook and
cash flows, including with respect to the Montana Renewables
business and our plans to de-leverage our balance sheet, and (iii)
our ability to meet our financial commitments, debt service
obligations, debt instrument covenants, contingencies and
anticipated capital expenditure. These forward-looking statements
are based on our current expectations and beliefs concerning future
developments and their potential effect on us. While our management
considers these assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory
and other risks, contingencies and uncertainties, most of which are
difficult to predict and many of which are beyond our control.
Accordingly, our actual results may differ materially from the
future performance that we have expressed or forecast in our
forward-looking statements. 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 ("SEC"), including the risk factors and
other cautionary statements in the latest Annual Report on Form
10-K of the Partnership and other filings with the SEC by the
Company and the Partnership. 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, except to the extent required by applicable law.
View original
content:https://www.prnewswire.com/news-releases/calumet-provides-update-on-recent-financing-activity-302351880.html
SOURCE Calumet, Inc.