By Mary-Katherine Stinson
Lexington, Ky., Feb. 23 – Calumet Specialty Products Partners, LP and Calumet Finance Corp., together with general partner Calumet GP, LLC, entered into a note purchase agreement on Feb. 23 under which the issuers will sell $200 million in principal amount of a new series of 9¼% senior secured first-lien notes due July 15, 2029 to funds and accounts managed by Franklin Advisers, Inc., according to an 8-K filing with the Securities and Exchange Commission.
The notes will be sold at par via a private placement.
The SEC exempt transaction is expected to settle on March 7.
Proceeds will be used by the partnership to redeem all the issuers’ outstanding 9¼% senior secured first-lien notes due 2024 and $50 million in total principal of the issuers’ outstanding 11% senior notes due 2025.
The issuer is an Indianapolis-based master limited partnership and a producer of fuel products and specialty hydrocarbon products.
| Issuers: | Calumet Specialty Products Partners, LP and Calumet Finance Corp.
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| Amount: | $200 million
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| Issue: | Senior secured first-lien notes
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| Maturity: | July 15, 2029
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| Counsel to issuers: | Gibson, Dunn & Crutcher LLP
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| Coupon: | 9¼%
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| Price: | Par
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| Yield: | 9¼%
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| Settlement date: | March 7
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| Distribution: | SEC exempt
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