HOUSTON, January 12, 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented the initial purchasers in a $405 million private offering of senior notes by Calumet Specialty Products Partners, L.P. and Calumet Finance Corp.

The issuers, wholly owned subsidiaries of Calumet, Inc. (NASDAQ: CLMT) (“Calumet”), closed $405 million aggregate principal amount of 9.75% Senior Notes due 2031. The offering was made to eligible purchasers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The offering priced on January 7, 2026 and closed on January 12, 2026.

Calumet intends to use 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 and all of the issuers' outstanding 8.125% Senior Notes due 2027.

Calumet 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.

Calumet’s press release can be found here.

Baker Botts Lawyers/Offices Involved: 

Corporate: Eileen Boyce (Partner, Houston); Joshua Davidson (Senior Counsel, Houston); Parker Hinman (Senior Associate, Houston); Chelsea Johnson (Associate, Houston); Jack Hennessy (Associate, Houston)

Finance: Clint Culpepper (Partner, Austin); Dela Peimani (Senior Associate, Austin); Madeline McCune (Associate, Houston)

Tax: Chuck Campbell (Special Counsel, Houston)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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