Calumet Completes Upsized Notes Offering

Calumet (NASDAQ: CLMT) announced that its subsidiaries completed a private placement of $405 million aggregate principal amount of 9.75% Senior Notes due 2031, issued at 98.996% of par for net proceeds of approximately $393 million.

Rhea-AI Summary

Calumet (NASDAQ: CLMT) announced that its subsidiaries completed a private placement of $405 million aggregate principal amount of 9.75% Senior Notes due 2031, issued at 98.996% of par for net proceeds of approximately $393 million. The Offering was upsized from an initial $350 million. Calumet intends to use the net proceeds, cash on hand and revolver borrowings to redeem outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027, eliminating near‑term senior maturities and supporting operations and the Montana Renewables MaxSAF™ 150 expansion.

Positive

• Offering upsized to $405M from $350M
• Net proceeds of approximately $393M
• New notes mature in 2031, eliminating near‑term maturities
• Company cites >$220M restricted debt reduction in 2025 and >$120M cash generated in H2 2025

Negative

• Notes issued at a discount (issued at 98.996% of par), reducing cash received versus principal
• New 9.75% coupon establishes a long‑term interest obligation through 2031

Argus Jan 13 session

-0.45% close to close Open Argus

Details

News Market Reaction – CLMT

On Jan 13, the first trading day after this news, CLMT closed 0.45% below the previous close.

Data tracked by StockTitan Argus for the Jan 13 session.

Key Figures

Senior Notes Issuance: $405 million Coupon Rate: 9.75% Issue Price: 98.996% of par +5 more

Senior Notes Issuance

$405 million

Aggregate principal amount of 9.75% Senior Notes due 2031

Coupon Rate

9.75%

Interest rate on Senior Notes due 2031

Issue Price

98.996% of par

Pricing of 2031 Senior Notes

Net Proceeds

$393 million

Net proceeds from notes after discounts and expenses

Original Offering Size

$350 million

Initial size before upsizing to $405M

2026 Notes Coupon

11.00%

Coupon on Senior Notes due 2026 to be redeemed

2027 Notes Coupon

8.125%

Coupon on Senior Notes due 2027 to be redeemed

Restricted Debt Reduction 2025

$220 million

Restricted group debt reduction cited for 2025

Historical Context

5 past events · Latest: Jan 07

5 events

1. Jan 07

   Debt placement pricing

   24h Move

   +1.8%

   Upsized pricing of $405M 9.75% senior notes due 2031.

2. Jan 06

   Debt placement announcement

   24h Move

   +0.4%

   Announced $350M senior notes deal to fund note redemptions.

3. Jan 05

   Preliminary earnings

   24h Move

   +0.4%

   Shared FY 2025 loss range and $285–305M Adjusted EBITDA outlook.

4. Jan 02

   Conference attendance

   24h Move

   -1.6%

   Planned meetings at Goldman Sachs energy conference.

5. Dec 08

   Conference attendance

   24h Move

   +2.1%

   Announcement to attend Wells Fargo energy symposium.

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, +2 more

6 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 "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

"together with cash on hand and borrowings under its revolving credit facility, to redeem"

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.

aggregate principal amount financial

"of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

forward-looking statements regulatory

"Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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INDIANAPOLIS, Jan. 12, 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 $405 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Notes"). The Notes were issued at 98.996% of par for net proceeds of approximately $393 million, after deducting the initial purchasers' discount and estimated offering expenses. The Offering was upsized to $405 million in aggregate principal amount of Notes from the original offering size of $350 million in aggregate principal amount of Notes.

As previously announced, Calumet intends to use all of the net proceeds from the Offering, together with cash on hand and borrowings under its revolving credit facility, to redeem all of the Issuers' outstanding 11.00% Senior Notes due 2026 (the "2026 Notes") and all of the Issuers' outstanding 8.125% Senior Notes due 2027 (the "2027 Notes") (collectively, the "Redemptions"). This press release does not constitute a notice of redemption with respect to the 2026 Notes or the 2027 Notes.

"The broad support for this over-subscribed offering was largely a result of over $220 million of restricted group debt reduction in 2025, driven by substantial cost reductions and operational improvements," said Todd Borgmann, CEO.  "The upsized offering, combined with revolver capacity created from over $120 million of cash generated in the second half of 2025, is being used to eliminate all near-term senior note maturities. This provides a runway to enhanced value creation through continued strong, dependable specialties business cash flow and Montana Renewables' MaxSAF™ 150 expansion."

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 and the Redemptions. 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-upsized-notes-offering-302658953.html

SOURCE Calumet, Inc.

FAQ

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

What did Calumet (CLMT) issue on January 12, 2026?

Calumet issued $405 million of 9.75% Senior Notes due 2031, priced at 98.996% of par.

How will Calumet (CLMT) use the proceeds from the 2026 notes offering?

Calumet intends to use the net proceeds, cash on hand and revolver borrowings to redeem its outstanding 11.00% notes due 2026 and 8.125% notes due 2027.

How much did Calumet (CLMT) net from the upsized offering?

The Issuers received approximately $393 million in net proceeds after discounts and estimated offering expenses.

What change in debt maturity does the CLMT offering create?

The Offering eliminates near‑term senior note maturities by refinancing 2026 and 2027 notes with a 2031 maturity.

What operational cash metrics did Calumet (CLMT) cite supporting the offering?

Management cited over $220 million of restricted group debt reduction in 2025 and over $120 million of cash generated in H2 2025.