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Calumet Inc. Concludes Successful Exchange Offer

On November 22, 2024, Calumet, Inc. (NASDAQ: CLMT) announced significant developments regarding its exchange offer for the 11.00% Senior Notes due 2025. This strategic financial initiative enabled holders of the existing senior notes to exchange them for newly issued notes due 2026. This offering has garnered substantial interest, pointing to strong confidence in Calumet's financial trajectory.

Overview of the Exchange Offer

The exchange offer, which was open until 5:00 PM EST on November 21, 2024, saw an impressive turnout with approximately 97.5% of the outstanding Old Notes tendered. Specifically, an aggregate principal amount of $354,399,000 of these notes were exchanged, showcasing robust investor participation, which is a positive indicator of market sentiment towards the company’s financial health.

The satisfaction of all conditions necessary for the exchange at the expiration time further highlights the smooth operation of this financial undertaking. Calumet announced that the settlement for this exchange is anticipated to occur around November 25, 2024.

Compliance and Regulatory Considerations

It's crucial to note that the new notes resulting from this exchange have not been, and will not be, registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933 or any applicable state or foreign securities laws. This stipulation means that the notes can only be offered under certain exemptions from these registration requirements. Consequently, investors must approach the new notes with the understanding of the regulatory framework surrounding them.

Calumet has made it clear that the exchange offer is not being directed to holders of Old Notes in jurisdictions where such an offer would contravene local laws, emphasizing the company’s commitment to compliance and investor protection.

About Calumet, Inc.

Established as a formidable entity in the manufacturing and marketing of specialty products and renewable fuels, Calumet, Inc. is headquartered in Indianapolis, Indiana. The company operates twelve facilities across North America, servicing a wide variety of consumer and industrial markets. This exchange offer is reflective of Calumet's broader strategy to enhance its financial standing and flexibility, fortifying its position within the industry.

Looking Ahead

Market watchers and investors remain keenly interested in how Calumet will utilize the proceeds from this transaction to further bolster its business operations. The successful completion of this exchange offer positions Calumet favorably for future endeavors amidst shifting market dynamics and competitive pressures.

In conclusion, the recent actions taken by Calumet, through the exchange offer, underline its proactive stance in capital management and investor relations. The impressive participation rate is indicative of the trust that investors place in Calumet and its plans for sustained growth and profitability moving forward. As the company continues to navigate the complexities of the financial landscape, stakeholders will undoubtedly observe its developments with keen interest.