Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced today that it has priced its underwritten public offering of 3,300,000 common units at a price to the public of $32.94. The offering will result in estimated net proceeds to the Partnership of approximately $103.1 million. The Partnership has granted the underwriters an option to purchase up to an additional 495,000 common units.
The Partnership intends to use the net proceeds from the offering to repay all of its borrowings outstanding under its revolving credit facility, to fund the construction and other start-up costs of the planned expansion project at its Shreveport refinery and, to the extent available, for general partnership purposes.
Goldman, Sachs & Co. is acting as the book-running manager of the offering. The co-managers for the offering are Deutsche Bank Securities Inc. and Petrie Parkman & Co., Inc. A copy of the final prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co. at 85 Broad Street, New York, New York 10004 or at 1-866-471-2526.
This news release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus.
The Partnership is a leading independent producer of high-quality, specialty hydrocarbon products in North America. The Partnership processes crude oil into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products. The Partnership also produces fuel products including gasoline, diesel fuel and jet fuel. The Partnership is based in Indianapolis, Indiana and has three refineries located in northwest Louisiana.
Some of the information in this release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "anticipate," "estimate," "continue," or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. These forward-looking statements involve risks and uncertainties that are difficult to predict and may be beyond our control. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in this release as well as the Partnership's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, which could cause the Partnership's actual results to differ materially from those contained in any forward-looking statement. The Partnership undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
SOURCE: Calumet Specialty Products Partners, L.P.
CONTACT: Jennifer Straumins, Investor Relations of Calumet Specialty
Products Partners, L.P., +1-317-328-5660
Web site: http://www.calumetspecialty.com/