Calumet Specialty Products Partners LP and subsidiary Calumet Finance Corp. plan to offer a $550 million private placement of senior unsecured notes, which are due April 2025.
Calumet would use the proceeds to fund the redemption of its outstanding 6.50% senior notes due 2021, along with borrowings under its revolving credit facility and cash on hand, according to a Sept. 20 news release.
The hydrocarbon products producer also issued a conditional redemption notice, under which the redemption date for all of its 2021 notes is scheduled for Oct. 21, 2019. The 2021 notes redemption, however, is based on the completion of Calumet's offering of its $550 million senior debt securities and based on the satisfaction of conditions in its credit facility. If any of the conditions are not met, the company would revoke the redemption, and the 2021 notes would remain outstanding.
Calumet is an Indiana-based limited partnership that processes crude oil into hydrocarbon products in North America.
