Calumet Specialty Products Partners, L.P. Announces Pricing of $900 Million Upsized Private Placement of 6.5% Senior Notes due 2021

INDIANAPOLIS, April 6, 2014 /PRNewswire/ — Calumet Specialty Products
Partners, L.P. (NASDAQ: CLMT) (“Calumet”) and its wholly owned subsidiary
Calumet Finance Corp. announced today the pricing of their private placement to
eligible purchasers under Rule 144A and Regulation S of the Securities Act of
1933, as amended (the “Securities Act”), of $900 million in aggregate principal
amount of 6.5% senior unsecured notes due 2021 (the “2021 Notes”). The 2021
Notes will mature on April 15, 2021 and will be issued at par. This private
placement is expected to close on March 31, 2014, subject to customary closing
conditions. The offering was upsized to $900 million in aggregate principal
amount of 2021 Notes from the original offering size of $850 million in
aggregate principal amount of 2021 Notes.

Calumet intends to use the net proceeds from the private placement to fund the
approximately $235 million purchase price of its previously announced pending
acquisition of ADF Holdings, Inc., the parent company of Anchor Drilling Fluids
USA, Inc., and related expenses (the “Anchor Acquisition”) and the redemption of
all $500 million aggregate principal amount of its outstanding 9 3/8% senior
unsecured notes due 2019 (the “2019 Notes”). Any remaining funds will be used
for general partnership purposes, including planned capital expenditures at its
facilities. If the Anchor Acquisition does not close by June 30, 2014, or the
acquisition agreement is terminated before then, Calumet will be required to
offer to purchase up to $235 million principal amount of the 2021 Notes at 100%
of the initial offering price plus accrued interest. The Anchor Acquisition is
expected to close on or about March 31, 2014, subject to customary closing
conditions.

Concurrently with the closing of the private placement, Calumet intends to issue
notice to redeem in full all outstanding 2019 Notes on April 30, 2014. The
redemption price will be a “make-whole” redemption price calculated in
accordance with the indentures governing the 2019 Notes, based on specified
treasury rates that will be determined prior to the redemption date. Based on
current treasury rates, Calumet estimates that the total redemption price for
all outstanding 2019 Notes will be approximately $567.2 million, excluding
accrued and unpaid interest, and will result in a charge to income of
approximately $86.6 million, including a non-cash write off of previously
incurred transaction expenses.

The securities to be sold have not been registered under the Securities Act, or
any state securities laws, and unless so registered, the securities may not be
offered or sold in the United States except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws. Calumet plans to offer and sell the
2021 Notes only to qualified institutional buyers pursuant to Rule 144A under
the Securities Act and to persons outside the United States pursuant to
Regulation S under the Securities Act.

This press release shall not constitute an offer to sell, or the solicitation of
an offer to buy, any of these securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of
such states.

This press release includes statements regarding this private placement, the use
of proceeds therefrom, the Anchor Acquisition and the redemption of the 2019
Notes that may constitute forward-looking statements. Such forward-looking
statements are subject to a variety of known and unknown risks, uncertainties,
and other factors that are difficult to predict and many of which are beyond
management’s control. Known material risks, uncertainties and other factors that
can affect future results are discussed in Calumet’s Annual Report on Form 10-K
and other reports filed by Calumet from time to time with the Securities and
Exchange Commission. Calumet undertakes no obligation to update or revise any
forward-looking statement to reflect new information or events.

SOURCE Calumet Specialty Products Partners, L.P.

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