Calumet Specialty Products to pay down revolver via unit proceeds

By Marisa Wong

Madison, Wis., March 13 – Calumet Specialty Products Partners, LP plans to repay borrowings outstanding under its revolving credit facility using proceeds from an offering of common units, according to an 8-K filing with the Securities and Exchange Commission.

The company announced on Friday that it priced 6 million common units at $26.75 per unit, along with a 30-day greenshoe for up to 900,000 additional units.

Funds from the offering will also be used for general partnership purposes, including capital expenditures, working capital and potentially the redemption or repurchase of outstanding notes.

Indianapolis-based Calumet is a producer of high-quality specialty hydrocarbon products and fuel products.

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