Calumet Completes Offering of $150 Million of Additional 9.75% Senior Notes due 2031
Rhea-AI Summary
Calumet (NASDAQ: CLMT) completed a private placement of $150 million aggregate principal amount of 9.75% Senior Notes due 2031 on March 17, 2026. The Additional Notes were issued at 105% of par, producing net proceeds of approximately $154.9 million.
The company intends to use the net proceeds to repay outstanding borrowings under its revolving credit facility immediately. The Additional Notes form a single series with the $405 million of 9.75% Senior Notes issued January 12, 2026. Management said the transaction increases liquidity and may be used to reduce 2028 notes when the call premium steps down in July.
Positive
- Net proceeds of approximately $154.9 million
- Issued at premium of 105% of par, enhancing upfront cash
- Immediate revolver reduction using proceeds increases near-term liquidity
Negative
- 9.75% fixed coupon increases annual interest expense on added principal
- Further issuance expands outstanding senior notes tied to 2031 maturity
News Market Reaction – CLMT
In the Mar 18 session, CLMT gained 1.68%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | Debt notes offering | Negative | -0.5% | Completed upsized $405M 9.75% 2031 notes to refinance nearer-term debt. |
| Jan 14 | ATM equity program | Negative | -13.8% | Announced $65M at-the-market equity program for general purposes and debt paydown. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Offering-related announcements have historically seen negative reactions, with an average move of -7.13% across past offering events.
Recent capital markets activity for Calumet has centered on terming out and diversifying its funding. In January 2026, subsidiaries completed a private placement of $405 million 9.75% Senior Notes due 2031, upsized from $350 million, to redeem higher‑coupon 2026 and 2027 notes. Earlier, in January 2025, the company launched a $65 million at‑the‑market equity program for general corporate and debt‑reduction uses. Today’s completion of an additional $150 million 2031 notes issue fits this ongoing balance sheet refinancing and liquidity‑focused playbook.
Key Terms
rule 144a regulatory
regulation s regulatory
senior notes financial
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
As previously announced, Calumet intends to use the net proceeds from the Offering to repay outstanding borrowings under its revolving credit facility immediately. The Additional Notes constitute a further issuance of the Issuers'
"Following our strong financial and operational performance in 2025, our priorities remain clear: continue to generate strong cash flow in a favorable margin environment while unlocking additional value at Montana Renewables as we advance our MaxSAF® 150 expansion," said David Lunin, CFO. "This transaction builds on the success of our notes issuance earlier this year, with proceeds used to immediately reduce our revolver, providing ample flexibility in what's expected to continue as a volatile and highly profitable commodity environment. Ultimately, we expect to use the additional liquidity provided by this offering to reduce our 2028 notes when the call premium steps down in July."
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
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 use of proceeds from the Offering. 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.