HOUSTON, March 18, 2026 - Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised the initial purchasers in a $150 million private placement of additional 9.75% Senior Notes due 2031 by Calumet Specialty Products Partners, L.P. and Calumet Finance Corp.

The issuers, wholly owned subsidiaries of Calumet, Inc. (NASDAQ: CLMT) (“Calumet”), closed $150 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 March 12, 2026 and closed on March 17, 2026.

The additional notes constitute a further issuance of the issuers’ existing 9.75% Senior Notes due 2031, of which $405 million in aggregate principal amount were issued on January 12, 2026. The additional notes form a single series and have the same terms, other than the initial offering price, as the existing notes.

Calumet intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility.

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); Parker Hinman (Senior Associate, Houston); Chelsea Johnson (Associate, Houston); Jack Hennessy (Associate, Houston); Spencer Russo (Associate, Houston) 

Finance: Clint Culpepper (Partner, Austin); Morgan Copher (Associate, Dallas)

Tax: Chuck Campbell (Special Counsel, Houston)

Environmental: Elizabeth Singleton (Special Counsel, Houston)

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