Calumet Raises $154.9M Net by Issuing 9.75% Senior Notes Due 2031
Calumet issued $150 million of 9.75% Senior Notes due 2031 at 105% of par, raising net proceeds of roughly $154.9 million. Calumet will use proceeds to immediately repay revolver borrowings and plans to reduce its 2028 notes when the call premium steps down.
1. Offering Details
Calumet’s subsidiaries issued $150 million of 9.75% Senior Notes due 2031 at 105% of par, generating approximately $154.9 million in net proceeds after discounts, offering expenses and accrued interest. The Additional Notes form a single series with the $405 million issued in January and carry identical terms aside from initial price.
2. Use of Proceeds
Proceeds will be applied to immediately repay outstanding borrowings under Calumet’s revolving credit facility, improving liquidity and reducing short-term leverage. Management also intends to use the additional cash flow to redeem the 2028 notes when the call premium decreases in July.
3. Strategic Context
Following strong performance in 2025 and the ongoing MaxSAF 150 expansion at Montana Renewables, this financing supports Calumet’s focus on cash flow generation and margin maximization in a volatile commodity market. The transaction builds on earlier note issuances and aligns with the company’s debt reduction strategy.