News Releases

Baker Botts Advises Initial Purchasers in Senior Notes Offering by Calumet Specialty Products Partners, L.P. and Calumet Finance Corp

Release

Deal Description: On January 14, 2025, Calumet, Inc. (NASDAQ: CLMT) (“Calumet”) announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the “Partnership”) and Calumet Finance Corp. (together with the Partnership, the “Issuers”), priced their private placement (the “Offering”) under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $100 million in aggregate principal amount of 9.75% Senior Notes due 2028 (the “New Notes”). The Offering closed on January 16, 2025.

Calumet intends to use all of the net proceeds from the Offering to redeem a portion of the Issuers’ outstanding 11.00% Senior Notes due 2026 on or before April 16, 2025. Pending the application of the net proceeds, the Issuers may invest the proceeds in short-term, interest bearing instruments and other investment-grade securities or temporarily reduce borrowings under the Issuers’ revolving credit facility.

Baker Botts L.L.P. represented the initial purchasers in the Offering.

Calumet’s press release can be found here.

Baker Botts Lawyers/Office Involved:

Corporate: Eileen Boyce (Partner, Houston); Joshua Davidson (Senior Counsel, Houston); Parker Hinman (Senior Associate, Houston); Austin Lee (Associate, Houston); Cade Luedde (Associate, Houston); Jack Hennessy (Associate, Houston)

Finance: Clint Culpepper (Partner, Austin); Caitlin Lawrence (Partner, Houston); Morgan Copher (Associate, Houston)

Tax: Chuck Campbell (Special Counsel, Houston)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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