Calumet Issues Redemption Notice for $150 Million of 9.75% Senior Notes due 2028

The planned redemption brings debt retired since July to approximately $265 million, with expected annual cash interest savings of approximately $26 million.

Rhea-AI Summary

Calumet (CLMT) announced notice to redeem $150 million of senior notes through its wholly owned subsidiaries on October 25, 2026.

The notes carry a 9.75% coupon and mature in 2028. The cash redemption price is 102.438% of principal, plus accrued and unpaid interest to, but excluding, the redemption date. In July, the issuers redeemed another $100 million of 9.75% notes due 2028 and fully repaid and terminated a $15.5 million Montana terminal asset financing arrangement. Including the planned redemption, debt retired since July 2026 will total approximately $265 million. Calumet expects these debt reductions to generate approximately $26 million in annual cash interest savings.

4 points · 0 major

PositiveiHow this balance works

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Planned redemption of $150 million of 9.75% notes due 2028 reduces debt on October 25, 2026. 3% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Expected annual cash interest savings from debt reductions since July 2026 total approximately $26 million.
• Minor pointJuly redemption retired $100 million of 9.75% senior notes due 2028.
• Minor pointMontana terminal asset financing of $15.5 million was fully repaid and terminated in July.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Redemption requires 102.438% of principal in cash, plus accrued and unpaid interest excluding the redemption date.

Key Figures

Principal redemption: $150 million Note coupon: 9.75% Cash redemption price: 102.438% of principal +3 more

Principal redemption

$150 million

Partial redemption of 9.75% senior notes due 2028

Note coupon

9.75%

Senior notes due 2028

Cash redemption price

102.438% of principal

Plus accrued and unpaid interest to but not including the redemption date

Redemption date

October 25, 2026

Scheduled date for the partial redemption

Debt retired since July

Approximately $265 million

Includes the announced redemption

Annual cash interest savings

Approximately $26 million

Company-stated savings from the $265 million of debt reduced over the past four months

Key Terms

senior notes, cusip, cash redemption price, accrued and unpaid interest

4 terms

senior notes financial

"the outstanding 9.75% Senior Notes due 2028"

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.

cusip financial

"CUSIP Nos. 131477 AW1 and U13077 AM1"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

cash redemption price financial

"at a cash redemption price of 102.438% of the principal amount"

The cash redemption price is the amount of money an issuer must pay to a holder when a redeemable security is bought back or retired for cash under the instrument’s terms. It is the specified cash sum set in the security’s governing documents or offer, and typically equals the principal or par amount plus any contractual premium and any accrued but unpaid interest or dividends as described in the security’s prospectus or indenture; the exact components depend on the security’s governing agreement.

accrued and unpaid interest financial

"plus accrued and unpaid interest to but not including the redemption date"

Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.

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

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INDIANAPOLIS, Oct. 15, 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"), have given notice for redemption of $150 million of the outstanding 9.75% Senior Notes due 2028 (CUSIP Nos. 131477 AW1 and U13077 AM1) that were originally issued in June 2023 (the "2028 Notes"), to be effected on October 25, 2026 at a cash redemption price of 102.438% of the principal amount, plus accrued and unpaid interest to but not including the redemption date.

As previously announced, in July of this year, the Issuers redeemed $100 million of the 9.75% Senior Notes due 2028 that were originally issued in January 2025 and fully repaid and terminated the $15.5 million Montana terminal asset financing arrangement. With today's announced redemption, Calumet will have retired approximately $265 million of debt since July 2026.

"Today's announcement to call $150 million of additional debt reinforces our commitment to accelerating debt reduction, strengthening our balance sheet and reducing interest expense," said David Lunin, CFO. "The $265 million of debt reduced over the past four months, including the redemption announced today, will result in an annual cash interest savings of approximately $26 million. We believe our strong operating momentum and current industry outlook position us to continue deleveraging while advancing our growth strategies across both our Specialties and Montana Renewables businesses."

This press release shall not constitute a notice of redemption of the 2028 Notes. Information concerning the terms and conditions of the redemption of the 2028 Notes is described in the notice of partial redemption distributed to holders on October 15, 2026.

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 partial redemption of the 2028 Notes and our ability to continue deleveraging our balance sheet and advance our growth strategies across both our Specialties and Montana Renewables businesses. 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 to download multimedia:https://www.prnewswire.com/news-releases/calumet-issues-redemption-notice-for-150-million-of-9-75-senior-notes-due-2028--302909967.html

SOURCE Calumet, Inc.

FAQ

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

When will Calumet redeem the $150 million of senior notes, and at what price?

The redemption is scheduled for October 25, 2026, at 102.438% of principal, plus accrued and unpaid interest to, but excluding, that date. It covers $150 million of the outstanding 9.75% senior notes due 2028 originally issued in June 2023.

How much annual interest does Calumet expect to save from its debt reductions?

Calumet expects approximately $26 million in annual cash interest savings from debt reductions since July 2026, including the announced redemption. Once that redemption occurs, the company will have retired approximately $265 million of debt over that period.