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Calumet closes $550M senior note offering

Calumet Specialty Products Partners LP closed its offering of $550 million of new senior unsecured notes due 2025.

The partnership would use the net proceeds from the offering, together with borrowings under revolver and cash on hand, to redeem all existing senior notes due 2021, according to an Oct. 11 news release. CEO Tim Go said the company's "refinancing of [its] 2021 notes successfully addresses the remaining $761 million of the original $900 million of 2021 notes."

With the offering closed, Calumet's expansion of its borrowing base under its asset-based revolver took effect. The partnership borrowed $99.5 million under the facility, of which the proceeds, along with those from the note offering and cash on hand, will be used to retire the 2021 notes.

Calumet is an independent producer of specialty hydrocarbon and fuels products in North America.