Calumet (NASDAQ: CLMT) sells $405M 9.75% senior notes due 2031

Rhea-AI Filing Summary

Calumet, Inc. reported that subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. issued $405.0 million of new 9.75% Senior Notes due 2031 in a private Rule 144A/Reg S offering. The notes were sold at 98.996% of par, generating approximately $393.0 million in net proceeds after discounts and expenses.

The company plans to use these proceeds, along with cash on hand and borrowings under its revolving credit facility, to redeem all outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027, with redemptions expected on or before January 21, 2026. The new notes mature on February 15, 2031, pay interest semi-annually, carry senior unsecured guarantees from the parent and most subsidiaries, and include customary covenants, change-of-control repurchase rights at 101%, and specified call premiums starting in 2028.

Insights

Credit & capital structure analyst

Calumet refinances near-term notes with longer-dated 9.75% debt.

Calumet subsidiaries issued $405.0 million of 9.75% Senior Notes due 2031, with net proceeds of about $393.0 million. The stated intent is to redeem all outstanding 11.00% notes due 2026 and 8.125% notes due 2027, using these proceeds plus cash on hand and revolver borrowings. This shifts a meaningful portion of the debt stack from 2026–2027 maturities out to 2031.

The coupon increases relative to the 8.125% 2027 notes but is below the 11.00% 2026 notes, so total interest cost will depend on the mix being refinanced. The new notes are senior unsecured and guaranteed by the parent and most subsidiaries, with covenants limiting additional debt, liens, restricted payments, asset sales, and affiliate transactions, subject to exceptions and suspension if investment-grade ratings are achieved.

Optional redemption terms allow equity-funded calls at 109.750% before February 15, 2028, standard make-whole redemptions before that date, and step-down call prices from 104.875% in 2028 to par in 2030 and thereafter. Holders gain a 101% put right upon specified change-of-control triggering events, anchoring downside protections if corporate control or leverage changes in future periods.

Calumet, Inc. /DE false 0002013745 0002013745 2026-01-12 2026-01-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 12, 2026

CALUMET, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-42172		36-5098520
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1060 N Capitol Ave

Suite 6-401

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (317) 328-5660

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		CLMT		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On January 12, 2026, Calumet Specialty Products Partners, L.P. (the “Partnership”) and Calumet Finance Corp. (“Finance Corp.” and, together with the Partnership, the “Issuers”), each a subsidiary of Calumet, Inc. (the “Company”), issued $405.0 million aggregate principal amount of a new series of the Issuers’ 9.75% Senior Notes due 2031 (the “Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes were issued at 98.996% of par for net proceeds of approximately $393.0 million, after deducting the initial purchasers’ discount and estimated offering expenses. The Company intends to use the net proceeds from the offering of the Notes, together with cash on hand and borrowings under the Company’s 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”), in each case, on or before January 21, 2026. This statement of intent with respect to the redemption of the 2026 Notes and 2027 Notes does not constitute a notice of redemption under the indenture governing the 2026 Notes or the 2027 Notes, as applicable. Pending the application of the net proceeds, the Issuers may invest the proceeds in short-term, interest bearing instruments and other investment-grade securities.

The Notes are governed by an Indenture, dated as of January 12, 2026 (the “Indenture”), entered into by the Issuers and certain guarantors named therein with Wilmington Trust, National Association, as trustee. The Notes will mature on February 15, 2031. Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2026. The Notes are guaranteed on a senior unsecured basis by the Company, Calumet GP, LLC, the general partner of the Partnership, and all of the Partnership’s existing subsidiaries (other than Finance Corp., the Partnership’s unrestricted subsidiaries, Montana Renewables Holdings LLC and Montana Renewables, LLC, and certain immaterial restricted subsidiaries).

On and after February 15, 2028, the Issuers may on any one or more occasions redeem all or part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus any accrued and unpaid interest to the applicable redemption date on such Notes, if redeemed during the twelve-month period beginning on February 15 of the years indicated below:

Year		Percentage
2028			104.875	%
2029			102.438	%
2030 and thereafter			100.000	%

At any time prior to February 15, 2028, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture in an amount not greater than the net cash proceeds from certain public equity offerings at a redemption price of 109.750% of the principal amount of the Notes, plus any accrued and unpaid interest to the date of redemption, provided that: (1) at least 60% of the aggregate principal amount of the Notes issued under the Indenture remains outstanding immediately after the occurrence of each such redemption (excluding notes held by the Partnership and its subsidiaries); and (2) the redemption occurs within 180 days of the date of the closing of such public equity offering.

Prior to February 15, 2028, the Issuers may on any one or more occasions redeem all or part of the Notes at a redemption price equal to the sum of: (1) the principal amount thereof, plus (2) the Make Whole Premium, as defined in the Indenture, at the redemption date, plus any accrued and unpaid interest to the applicable redemption date.

The Indenture contains covenants that, among other things, restrict the Partnership’s ability and the ability of certain of its subsidiaries to: (i) incur, assume or guarantee additional indebtedness or issue preferred securities; (ii) create liens to secure indebtedness; (iii) pay dividends on equity securities, repurchase equity securities or redeem subordinated indebtedness; (iv) make investments; (v) restrict dividends, loans or other asset transfers from its restricted subsidiaries; (vi) consolidate with or merge with or into, or sell substantially all of its properties to, another person; (vii) sell or otherwise dispose of assets, including equity interests in subsidiaries; and (viii) enter into transactions with affiliates. These covenants are subject to important exceptions and qualifications. However, at any time when the Notes are rated investment grade by either of Moody’s Investors Service, Inc. or S&P Global Ratings and no Default or Event of Default, each as defined in the Indenture, has occurred and is continuing, many of these covenants will be suspended.

Upon the occurrence of certain Change of Control Triggering Events, as defined in the Indenture, each holder of the Notes will have the right to require that the Partnership repurchase all or a portion of such holder’s Notes in cash at a purchase price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase.

The foregoing description of the Indenture is qualified in its entirety by reference to the full text of the Indenture, a copy of which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 7.01 Regulation FD Disclosure.

On January 12, 2026, the Company issued a press release announcing the consummation of the offering of the Notes described in Item 1.01 of this Current Report on Form 8-K, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control. All statements, other than historical facts included in this Current Report on Form 8-K, are forward-looking statements. All forward-looking statements speak only as of the date of this Current Report on Form 8-K. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Exhibit Title or Description
4.1		Indenture, dated January 12, 2026, by and among the Issuers, the guarantors party thereto and Wilmington Trust, National Association, as trustee.
4.2		Form of 9.75% Senior Notes due 2031 (included in Exhibit 4.1).
99.1		Press Release, dated January 12, 2026, announcing the closing of the offering of the Notes.
104		Cover Page Interactive Data File- the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				CALUMET, INC.
Date: January 12, 2026				By:		/s/ David Lunin
				Name:		David Lunin
				Title:		Executive Vice President and Chief Financial Officer

FAQ

What type of debt did Calumet (CLMT) just issue?

Calumet subsidiaries issued a new series of 9.75% Senior Notes due 2031 in a private placement conducted under Rule 144A and Regulation S.

How much did Calumet (CLMT) raise from the new 2031 notes?

The issuers sold $405.0 million aggregate principal amount of 9.75% Senior Notes due 2031, at 98.996% of par, for net proceeds of approximately $393.0 million.

How will Calumet use the proceeds from the 9.75% Senior Notes due 2031?

Calumet intends to use the net proceeds, together with cash on hand and borrowings under its revolving credit facility, to redeem all outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027 on or before January 21, 2026.

When do Calumet’s new 9.75% Senior Notes mature and how is interest paid?

The new notes mature on February 15, 2031. Interest at 9.75% is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2026.

Who guarantees Calumet’s new 9.75% Senior Notes due 2031?

The notes are guaranteed on a senior unsecured basis by Calumet, Inc., Calumet GP, LLC, and all existing subsidiaries of the partnership, other than Calumet Finance Corp., unrestricted subsidiaries, Montana Renewables Holdings LLC, Montana Renewables, LLC, and certain immaterial restricted subsidiaries.

What are the key call and change-of-control terms on Calumet’s 2031 notes?

From February 15, 2028, the notes are callable at 104.875% in 2028, 102.438% in 2029, and 100.000% in 2030 and thereafter, plus accrued interest. Before 2028, the issuers may redeem using a make-whole premium or redeem up to 35% with equity proceeds at 109.750%. Upon specified change-of-control triggering events, holders can require repurchase at 101% of principal plus accrued interest.