Deal Description: On January 12, 2022, Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (“Calumet”) and its wholly owned subsidiary, Calumet Finance Corp., announced the pricing of a private placement (the “Offering”) under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $325 million in aggregate principal amount of 8.125% Senior Notes due 2027 (the “notes”). The notes will be guaranteed by certain subsidiaries of Calumet. The notes mature on January 15, 2027 and will be issued at par. The Offering closed on January 20, 2022.
Calumet intends to use the net proceeds from the Offering, together with cash on hand, to fund the previously announced redemption of all of its outstanding 7.75% Senior Notes due 2023 and pay related expenses.
Baker Botts L.L.P. represented the initial purchasers in the offering.
The company’s press release can be found here.
Clients: The initial purchasers in the offering, led by BofA Securities, Inc.
Outside Counsel to Calumet: Gibson, Dunn & Crutcher LLP
Value: $325 million
Baker Botts Lawyers/Office Involved:
- Corporate: Joshua Davidson (Partner, Houston); Justin Hoffman (Partner, Houston); Eileen Boyce (Special Counsel, Houston); Garrett Hughey (Associate, Houston); Rob Cowan (Associate, Houston); Chelsea Johnson (Associate, Houston)
- Finance: Andrew Thomison (Partner, Houston)
- Tax: Chuck Campbell (Special Counsel, Houston)
- Environmental: Laura Williams (Associate, Houston)
- Real Estate: Connie Simmons Taylor (Partner, Houston); Maria Fuentes (Associate, Houston)
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