Calumet, Inc. Announces Pricing of \$150 Million Private Placement of Additional 9.75% Senior Notes due 2031

Date: March 12, 2026
Ticker: NASDAQ: CLMT

Key Points

• Calumet, Inc. has announced the pricing of a \$150 million private placement of additional 9.75% Senior Notes due 2031 by its subsidiaries, Calumet Specialty Products Partners, L.P. and Calumet Finance Corp.
• The Additional Notes will mature on February 15, 2031, and will be issued at 105% of par value.
• The Offering is expected to close on March 17, 2026, subject to customary closing conditions.
• Net proceeds from this offering will be used to repay outstanding borrowings under Calumet’s revolving credit facility.
• These Additional Notes form a single series with the \$405 million aggregate principal amount of 9.75% Senior Notes due 2031 previously issued on January 12, 2026, and have the same terms except for the initial offering price.
• The securities are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and are not registered under the Securities Act of 1933 or state securities laws.

Details for Investors and Shareholders

• Significance of the Offering: The issuance of \$150 million in Additional Notes at a premium (105% of par) provides Calumet with enhanced liquidity and financial flexibility, allowing the company to pay down its revolving credit facility. This move could potentially improve the company’s balance sheet and reduce interest expenses associated with shorter-term borrowings.
• Impact on Debt Profile: The Additional Notes will be consolidated with the existing \$405 million issuance of 9.75% Senior Notes due 2031, increasing the total outstanding under this series to \$555 million. Investors should note that while this strengthens liquidity in the short term, it also increases Calumet’s long-term debt obligations.
• Potential Share Price Sensitivity: The use of proceeds to repay revolving credit facility borrowings may be viewed positively by shareholders, as it demonstrates prudent capital management. However, the increase in total long-term debt and the relatively high interest rate (9.75%) remain risks to watch, especially in the context of future interest rate movements and the company’s overall leverage.
• Limited Public Access: These notes are not registered for public sale and are available only to qualified institutional buyers and certain non-U.S. investors. This limits immediate market trading but signals continued institutional investor confidence in Calumet’s creditworthiness.
• Forward-Looking Statements: Management has cautioned that forward-looking statements related to the offering and use of proceeds are subject to significant business, economic, regulatory, and competitive risks. Actual outcomes may differ materially from current expectations.
• Company Overview: Calumet manufactures, formulates, and markets a diversified portfolio of specialty branded products and renewable fuels, operating twelve facilities across North America.

Contact Information

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

Important Takeaways for Shareholders

• The \$150 million private placement strengthens Calumet’s liquidity and financial stability in the near term.
• Repayment of revolving credit facility borrowings may reduce short-term interest costs and enhance financial flexibility.
• The company’s total long-term debt increases, which may affect future leverage ratios and interest coverage.
• Investors should monitor future filings for updated risk factors and financial disclosures regarding the impact of this transaction.

Cautionary Note on Forward-Looking Statements

Certain statements in this article may be considered forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Investors are encouraged to review the company’s latest filings with the SEC for a comprehensive discussion of potential risks and uncertainties.

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