Calumet plans $350M private placement of senior notes due 2031; to redeem 11% 2026 notes and $275M of 8.125% 2027 notes

Calumet, Inc. /DE

Offering $350M senior unsecured notes due 2031; proceeds plus cash/borrowings to redeem all 11% 2026 notes and $275M of 8.125% 2027 notes.
Conditional redemption notices sent: 2026 notes redeemed Jan 21, 2026; $275M of 2027 notes redeemed Jan 16, 2026, contingent on $325M+ offering.
Company reduced total indebtedness by $220M in 2025; expects $100M in company-wide cost reductions for 2025.
Replacement credit facility of up to $500M being negotiated with Bank of America.
Pro forma total recourse debt as of Dec 31, 2025: ~$1.453B; unrestricted cash $127M.

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