Calumet closes upsized $405M 9.75% senior notes offering; proceeds to redeem near-term maturities

Calumet, Inc. /DE

Issued $405M of 9.75% Senior Notes due 2031 at 98.996% of par; net proceeds ~$393M.
Offering upsized from $350M; proceeds to redeem all 11.00% 2026 and 8.125% 2027 near-term notes.
CEO Todd Borgmann cited $220M debt reduction in 2025 and $120M H2 cash generation for strong demand.
Notes mature Feb 15, 2031; interest semi-annual starting Aug 15, 2026; callable at 104.875% in 2028.
Equity clawback allows up to 35% redemption at 109.75% prior to Feb 2028; change of control put at 101%.

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