News Releases

Calumet Specialty Products Partners, L.P. Announces $100 Million Expansion of its Revolving Credit Facility
Additional capacity to be used to retire a portion of 2021 unsecured notes.

INDIANAPOLIS, Sept. 6, 2019 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Company", "Partnership" or "Calumet"), a leading independent producer of specialty hydrocarbon and fuels products, today announced that it has successfully amended the terms of its existing asset-based loan facility (the "ABL" or "the facility") to increase the borrowing base on the facility by approximately $100 million.  The Company may draw on this increased ABL capacity solely to fund a portion of the redemption of all of the outstanding 6.50% Senior Notes due 2021, with the remainder of the 2021 Notes being redeemed using proceeds from a new unsecured senior notes offering and cash on hand.  Upon the effectiveness of such borrowings under the ABL, the fixed assets associated with the Company's Great Falls, MT refinery would be added to the ABL collateral pool, which previously only included certain receivables and inventory. The increased borrowing base in the facility is available to consummate these proposed transactions through November 30.  See additional information in the 8-k filed today for additional details.

"The expansion of the ABL facility is a critical step as we work to position Calumet to potentially refinance its 2021 Notes in the unsecured bond market," stated Mr. Griffin.  "We are very appreciative of the strong support of all our bank group.  With this ABL amendment in place, we will continue to closely monitor the market conditions to identify the most attractive time to execute our refinancing."

Griffin continued, "If deployed in the near term, we expect that the $100 million of expanded capacity on the revolver, when combined with the $174 million of cash reported at the end of June and the anticipated free cash flow generated by the business, would enable the Company to retire the portion of the $810 million of 2021 Notes not otherwise refinanced.  We would expect to refinance the remaining approximately $500 million of 2021 Notes and to have approximately $300 million of liquidity before any refinancing fees, which we believe is more than adequate for the Company's operations."

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.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements." The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding our expectation regarding our anticipated redemption or refinancing of our 2021 Notes and our expectation regarding our business outlook and cash flows. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the Securities and Exchange Commission, including our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

SOURCE Calumet Specialty Products Partners, L.P.

For further information: Investor/Media Inquiry Contact: Alpha IR Group, Chris Hodges or Joe Caminiti, Phone: 312-445-2870,