Calumet Specialty Products Partners, L.P. Announces the Completion of the Early Redemption of the Partnership's 11.5% Senior Secured Notes due 2021
Annual interest expense to be reduced by approximately $46 million per year on a go-forward basis
Apr 10, 2018
INDIANAPOLIS, April 10, 2018 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership" or "Calumet"), a leading independent producer of specialty hydrocarbon and fuels products, and its wholly owned subsidiary Calumet Finance Corp., announced today that it has completed the early redemption of all of the $400 million aggregate principal amount of its outstanding 11.5% Senior Secured Notes due 2021 (the "Secured Notes"). In accordance with the conditions set forth in the April 20, 2016 indenture governing the Secured Notes (the "Indenture"), the Partnership paid the redemption price of 100% of the principal amount, plus accrued and unpaid interest, and a Make Whole Premium (as defined in the Indenture).
"The early redemption of our Secured Notes is indicative of the meaningful progress that Calumet has made in our turnaround efforts" said West Griffin, Chief Financial Officer of Calumet. "The redemption of the Secured Notes, which carried a high interest coupon and restrictive covenants, is an essential step towards the continued improvement to our capital structure and will further provide the Partnership with greater ability to capitalize on future opportunities."
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products; produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates eleven manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements related to the redemption of the Notes. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
SOURCE Calumet Specialty Products Partners, L.P.
For further information: For further information: Investor/Media Inquiry Contact: Alpha IR Group, Joe Caminiti or Chris Hodges, Phone: 312.445.2870 Email: CLMT@alpha-ir.com.