Calumet Announces $150 Million Private Placement of Additional 9.75% Senior Notes due 2031

Rhea-AI Summary

Calumet (NASDAQ: CLMT) announced a private placement of $150 million aggregate principal amount of 9.75% Senior Notes due 2031, offered under Rule 144A and Regulation S on March 12, 2026.

The Additional Notes will join an existing $405 million series and form a single series with identical terms (other than initial offering price). Calumet intends to use net proceeds to repay outstanding borrowings under its revolving credit facility.

Positive

• Proceeds earmarked to repay revolver, reducing short-term secured borrowings
• Notes form single series, creating uniform terms across $555 million outstanding principal

Negative

• Higher fixed interest burden from $150 million at 9.75% until 2031
• Limited investor base due to private placement under Rule 144A/Reg S, restricting secondary liquidity

Key Figures

New notes offered: $150 million Coupon rate: 9.75% Existing 2031 notes: $405 million +2 more

5 metrics

New notes offered $150 million Aggregate principal amount of Additional 9.75% Senior Notes due 2031

Coupon rate 9.75% Interest rate on Senior Notes due 2031

Existing 2031 notes $405 million Aggregate principal amount issued on January 12, 2026

Maturity year 2031 Senior Notes due 2031 referenced in the offering

Facilities operated 12 facilities Calumet operations throughout North America

Market Reality Check

Price: $28.74 Vol: Volume 1,390,883 vs 20-da...

normal vol

$28.74 Last Close

Volume Volume 1,390,883 vs 20-day average 1,540,427 shares ahead of this announcement. normal

Technical Price 29.08 is trading above the 200-day MA of 19.06, near the 31.41 52-week high.

Peers on Argus

Peers show a mixed tape: moves range from -4.54% (KRO) to +1.12% (ODC), with no ...

Peers show a mixed tape: moves range from -4.54% (KRO) to +1.12% (ODC), with no broad, one-directional sector swing indicated around this CLMT debt offering.

Previous Private placement Reports

4 past events · Latest: Jan 07 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Jan 07	Debt pricing	Positive	+1.8%	Upsized to <b>$405M</b> of 9.75% senior notes due 2031 at 98.996% of par.
Jan 06	Debt announcement	Positive	+0.4%	Announced <b>$350M</b> 2031 notes to redeem 2026 and part of 2027 notes.
Jan 14	Debt pricing	Positive	-0.2%	Priced <b>$100M</b> 9.75% senior notes due 2028, mirroring existing issue.
Jan 14	Debt offering	Positive	-13.8%	Announced <b>$100M</b> 2028 notes private placement for 2026 note redemption.

Pattern Detected

Past private placement announcements show mixed reactions, with two positive and two negative moves and an average move of -2.95%, suggesting modest downside skew but no consistent pattern.

Recent Company History

Over the past year, Calumet has repeatedly used private placements to refinance and reshape its capital structure. Prior transactions on Jan 6–7, 2026 involved upsizing a 9.75% senior notes due 2031 deal to $405 million and funding redemptions of higher‑coupon 2026 and 2027 notes. In Jan 2025, it completed twin $100 million 9.75% senior notes due 2028 offerings. Today’s additional $150 million 9.75% notes due 2031 continues that refinancing and maturity‑extension trend.

Historical Comparison

-3.0% avg move · Over four prior private placement announcements, CLMT’s average next‑day move was -2.95%, reflecting...

private placement

-3.0%

Average Historical Move private placement

Over four prior private placement announcements, CLMT’s average next‑day move was -2.95%, reflecting slightly negative but inconsistent reactions to new senior notes.

Private placements have steadily extended Calumet’s debt maturity profile, replacing 2026–2027 notes with 2028 and 2031 9.75% issues while increasing total secured debt capacity.

Market Pulse Summary

This announcement adds $150 million of 9.75% Senior Notes due 2031, alongside the existing $405 mill...

Analysis

This announcement adds $150 million of 9.75% Senior Notes due 2031, alongside the existing $405 million tranche, with proceeds earmarked to repay revolver borrowings. It continues a pattern of using private placements to refinance and extend maturities. Investors may watch leverage trends, interest costs on 9.75% debt, execution under Rule 144A/Reg S, and how this funding supports long‑term operational plans.

Key Terms

private placement, senior notes, rule 144a, regulation s, +1 more

5 terms

private placement financial

"intend to offer (the "Offering") for sale to eligible purchasers in a private placement under Rule 144A"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

senior notes financial

"$150 million in aggregate principal amount of 9.75% Senior Notes due 2031"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

rule 144a regulatory

"a private placement under Rule 144A and Regulation S under the Securities Act of 1933"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

regulation s regulatory

"a private placement under Rule 144A and Regulation S under the Securities Act of 1933"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

securities act regulatory

"under the Securities Act of 1933, as amended (the "Securities Act")"

A securities act is a law that governs the offering, sale and disclosure of stocks, bonds and other investment products to the public. It requires companies to provide clear, truthful information—like a product label for an investment—so buyers can understand risks and value before they invest. For investors, these rules reduce fraud, promote transparency, and help ensure fair access to market information.

AI-generated analysis. Not financial advice.

INDIANAPOLIS, March 12, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that, subject to market conditions, its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), intend to offer (the "Offering") for sale to eligible purchasers in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), $150 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Additional Notes"). Calumet intends to use the net proceeds from the Offering to repay outstanding borrowings under Calumet's revolving credit facility.

The Additional Notes will constitute a further issuance of the Issuers' 9.75% Senior Notes due 2031, of which $405 million in aggregate principal amount were issued on January 12, 2026 (the "Existing Notes"). The Additional Notes will form a single series with, and have the same terms (other than the initial offering price) as, the Existing Notes.

The securities to be offered will not be, and 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 persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. 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. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

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, the statements regarding the Offering and the use of proceeds therefrom. 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 Company and other filings with the SEC by the Company. 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.

 

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SOURCE Calumet, Inc.

FAQ

What is Calumet (CLMT) offering in the March 12, 2026 private placement?

Calumet is offering $150 million of 9.75% Senior Notes due 2031 in a private placement. According to the company, the notes will be sold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

How will Calumet (CLMT) use proceeds from the $150 million note offering?

Calumet intends to use net proceeds to repay borrowings under its revolving credit facility. According to the company, this repayment targets outstanding revolver balances to adjust the company’s short-term financing mix.

How does the new $150 million issue affect Calumet's existing 9.75% notes (CLMT)?

The Additional Notes will form a single series with the existing 9.75% notes, bringing total principal to $555 million. According to the company, terms remain identical except for initial offering price.

What are the key terms of the Additional Notes Calumet (CLMT) is selling?

The Additional Notes bear a 9.75% coupon and mature in 2031, matching the existing series' terms. According to the company, the new notes will have the same covenants and ranking as the Existing Notes.

Who can buy Calumet's (CLMT) private placement notes and where will they be sold?

The offering is limited to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S. According to the company, the securities are not registered under the Securities Act and will be offered only in exempt transactions.

What investor risks should CLMT shareholders consider from the $150 million note sale?

Investors should note the increased fixed-interest obligations and longer-term debt maturity profile through 2031. According to the company, proceeds will reduce revolver borrowings but overall senior debt principal will increase to $555 million.