Calumet, Inc. Strengthens Liquidity with \$150 Million Additional Senior Notes Offering

Key Highlights for Investors

• Calumet, Inc. (NASDAQ: CLMT), through its subsidiaries Calumet Specialty Products Partners, L.P. and Calumet Finance Corp., has completed a private placement of \$150 million in additional 9.75% Senior Notes due 2031.
• The notes were issued at 105% of par, plus accrued interest from January 12, 2026, resulting in net proceeds of approximately \$154.9 million after deducting the initial purchasers’ discount, estimated offering expenses, and accrued interest.
• Immediate Use of Proceeds: Calumet intends to use the proceeds to repay outstanding borrowings under its revolving credit facility, enhancing its financial flexibility.
• The Additional Notes are a further issuance to the existing \$405 million of 9.75% Senior Notes due 2031 (issued January 12, 2026), forming a single series with identical terms (other than the initial offering price).
• CFO David Lunin emphasized the company’s strong financial and operational performance in 2025, a favorable margin environment, and the focus on the MaxSAF^® 150 expansion at Montana Renewables.
• Strategic Impact: The transaction strengthens Calumet’s liquidity position and provides the company with greater flexibility to navigate a volatile and profitable commodity environment.
• Future Plans: The company expects to use the added liquidity to reduce its 2028 notes when the call premium steps down in July, which could lead to interest expense savings and further balance sheet improvement.

Details Shareholders Need to Know

• This offering enhances Calumet’s capital structure and liquidity, possibly supporting further investment in its renewables business and reducing interest costs over time.
• Price Sensitivity: The reduction of revolver borrowings and the potential early repayment of 2028 notes (when the call premium steps down) are important, as they may signal improved credit metrics and lower leverage, which are typically viewed positively by credit and equity investors.
• Operational Update: The MaxSAF^® 150 expansion at Montana Renewables is a focus area and could unlock further value, supporting the company’s growth in the renewable fuels segment.
• Market Environment: Management expects the commodity environment to remain volatile but highly profitable, suggesting potential for continued strong cash flow generation.
• Forward-Looking Statements: Management cautions that expectations are based on current assumptions and that actual results could differ materially due to business, economic, competitive, regulatory, and other factors, many outside the company’s control.

About Calumet, Inc.

Calumet, Inc. is a leading specialty products and renewable fuels manufacturer, formulator, and marketer, serving a broad range of both consumer-facing and industrial end markets. Headquartered in Indianapolis, Indiana, Calumet operates twelve facilities across North America.

Investor Contacts

• Investors: John Kompa, 317-957-5237
• Public Relations: Media Oakes, 317-957-5319

Disclaimer

This article contains forward-looking statements based on current management expectations and beliefs. Actual results may differ materially due to various risks and uncertainties. Investors should review Calumet’s filings with the Securities and Exchange Commission, including risk factors and cautionary statements in its latest Annual Report on Form 10-K and other SEC filings, for a more comprehensive discussion of potential risks. This article is not investment advice.

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