Calumet exchanges ~97.5% of 2025 notes for new 11% notes due 2026

Calumet, Inc. /DE

$354.4M of $363.5M outstanding 11% notes due 2025 tendered (97.5% participation).
Early exchangers receive $1,000 principal of new 11% notes due April 2026 per $1,000 old notes.
Base exchange consideration of $950 per $1,000; early premium adds $50 per $1,000.
Exchange offer expires Nov 21, 2024; settlement expected Nov 25, 2024.
New notes rank equal with existing senior debt; redeemable at 101% par until May 15, 2025.

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