Calumet launches debt exchange for 2025 notes; preliminary Q3 net loss up to $110M

Calumet, Inc. /DE

Exchange offer for $363.5M 11% senior notes due 2025 to new 11% notes due April 2026; 69% of holders support.
Preliminary Q3 2024 net loss expected $90-110M; Adjusted EBITDA $45-55M.
Exchange offer requires minimum 80% tender; early tender deadline Nov 5, 2024.
New notes redeemable at 101% before May 15, 2025, then at par thereafter.
Exchange aims to extend maturity and manage liquidity; Settlement date expected Nov 25, 2024.

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