Calumet Completes Offering of $150 Million of Additional 9.75% Senior Notes due 2031

Calumet (NASDAQ: CLMT) completed a private placement of $150 million aggregate principal amount of 9.75% Senior Notes due 2031 on March 17, 2026.

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

Argus Mar 18 session

+1.68% close to close Open Argus

Details

News Market Reaction – CLMT

On Mar 18, the first trading day after this news, CLMT closed 1.68% above the previous close.

Data tracked by StockTitan Argus for the Mar 18 session.

Key Figures

Additional Notes size: $150 million Coupon rate: 9.75% Issue price: 105% of par +5 more

Additional Notes size

$150 million

Aggregate principal amount of 9.75% Senior Notes due 2031 in this offering

Coupon rate

9.75%

Interest rate on Senior Notes due 2031

Issue price

105% of par

Pricing for Additional Notes under Rule 144A/Reg S

Net proceeds

$154.9 million

Net proceeds after discounts, expenses and accrued interest

Existing 2031 Notes

$405 million

Principal amount of 9.75% Senior Notes due 2031 issued Jan 12, 2026

ATM program

$65 million

Maximum size of at-the-market equity offering program announced Jan 14, 2025

Prior net proceeds

$393 million

Net proceeds from $405M 9.75% 2031 notes offering completed Jan 12, 2026

Recourse debt reduction

$222 million

Debt paydown referenced in recent earnings-related disclosures

Previous Offering Reports

2 past events · Latest: Jan 12

Same Type 2 events

1. Jan 12

   Debt notes offering

   24h Move

   -0.5%

   Completed upsized $405M 9.75% 2031 notes to refinance nearer-term debt.

2. Jan 14

   ATM equity program

   24h Move

   -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.

Key Terms

rule 144a, regulation s, senior notes, revolving credit facility

4 terms

rule 144a regulatory

"closed their private placement (the "Offering") under Rule 144A and Regulation S"

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

"private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act"

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.

senior notes financial

"aggregate principal amount of 9.75% Senior Notes due 2031 (the "Additional Notes")"

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.

revolving credit facility financial

"use the net proceeds from the Offering to repay outstanding borrowings under its revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

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INDIANAPOLIS, March 17, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), closed their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $150 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Additional Notes"). The Additional Notes were issued at 105% of par, plus accrued interest from January 12, 2026, for net proceeds of approximately $154.9 million, after deducting the initial purchasers' discount, estimated offering expenses and accrued interest.

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' 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 form a single series with, and have the same terms (other than the initial offering price) as, the Existing Notes.

"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 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 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.

 

View original content:https://www.prnewswire.com/news-releases/calumet-completes-offering-of-150-million-of-additional-9-75-senior-notes-due-2031--302716538.html

SOURCE Calumet, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Calumet (CLMT) announce on March 17, 2026 about senior notes?

Calumet announced a private placement of $150 million of 9.75% Senior Notes due 2031. According to the company, the Additional Notes were issued at 105% of par with net proceeds of about $154.9 million used to repay the revolving credit facility immediately.

How will the $150 million 9.75% notes affect Calumet's liquidity and debt structure (CLMT)?

The offering provides roughly $154.9 million in net proceeds to pay down revolver borrowings immediately. According to the company, that move increases short-term liquidity and flexibility in a volatile commodity environment while preserving the 2031 maturity profile.

Do the Additional Notes issued March 17, 2026 form a new series or join existing CLMT notes?

The Additional Notes form a single series with the 9.75% Senior Notes issued January 12, 2026. According to the company, the Additional Notes have the same terms as the Existing Notes except for the initial offering price.

What rate do Calumet's new senior notes pay and when do they mature for CLMT investors?

The Additional Notes pay a fixed coupon of 9.75% and mature in 2031. According to the company, these notes are part of the Issuers' 9.75% Senior Notes due 2031 series and were issued under Rule 144A and Regulation S.

How does Calumet expect to use the additional liquidity from the March 17, 2026 offering (CLMT)?

Calumet expects to use the additional liquidity to reduce its 2028 notes when the call premium steps down in July. According to the company, the offering also immediately reduced revolver borrowings to provide flexibility in a volatile market.