INDIANAPOLIS, Aug. 5, 2020 /PRNewswire/ -- Calumet Specialty
Products Partners, L.P. ("Calumet" or the "Company") (NASDAQ: CLMT)
and Calumet Finance Corp. ("Finance Corp." and, together with the
Company, the "Issuers") announced the final settlement of the
previously announced (i) exchange offer (the "Exchange Offer") to
certain holders of their 7.625% Senior Notes due 2022 (the "2022
Notes") to exchange 2022 Notes for newly issued 9.25% Senior
Secured First Lien Notes due 2024 (the "New Notes") and (ii)
solicitation of consents (the "Consents") from holders of their
outstanding 11.00% Senior Notes due 2025 (the "2025 Notes") to
allow the Issuers to consummate the Exchange Offer.
On August 5, 2020, the Issuers
accepted tenders from holders of approximately $200 million in aggregate principal amount of
2022 Notes for consideration consisting of $200 million in aggregate principal amount of New
Notes. Following the settlement of the Exchange Offer, $149,996,000 aggregate principal amount of the
2022 Notes remain outstanding. Additionally, the Issuers executed
the first supplement to the indenture governing the 2025 Notes and
made a cash payment of $2.50 per
$1,000 principal amount of 2025 Notes
for which Consents were validly delivered (and not validly
revoked).
The New Notes and the Exchange Offer have not been and will not
be registered with the U.S. Securities and Exchange Commission (the
"SEC") under the Securities Act of 1933, as amended (the
"Securities Act"), or any state or foreign securities laws. The New
Notes may not be offered or sold in the
United States or for the account or benefit of any U.S.
persons except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities
Act. The Exchange Offer was not made to holders of 2022 Notes in
any jurisdiction in which the making or acceptance thereof would
not be in compliance with the securities, blue sky or other laws of
such jurisdiction. This press release is for informational purposes
only and is not an offer to purchase or a solicitation of an offer
to purchase or sell any securities, nor shall there be any sale of
any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Barclays acted as the sole dealer manager in the Exchange
Offer.
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;
produces fuel products including gasoline, diesel and jet fuel.
Calumet is based in Indianapolis,
Indiana, and operates ten manufacturing facilities located
in northwest Louisiana, northern
Montana, western Pennsylvania, New
Jersey, Texas, 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. 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 SEC,
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.
View original
content:http://www.prnewswire.com/news-releases/calumet-specialty-products-partners-lp-announces-settlement-of-its-exchange-offer-and-consent-solicitation-301106914.html
SOURCE Calumet Specialty Products Partners, L.P.