Calumet Completes Offering of $150 Million of Additional 9.75% Senior Notes due 2031
Rhea-AI Summary
Calumet (NASDAQ: CLMT) completed a private placement of $150 million aggregate principal amount of 9.75% Senior Notes due 2031 on March 17, 2026. The Additional Notes were issued at 105% of par, producing net proceeds of approximately $154.9 million.
The company intends to use the net proceeds to repay outstanding borrowings under its revolving credit facility immediately. The Additional Notes form a single series with the $405 million of 9.75% Senior Notes issued January 12, 2026. Management said the transaction increases liquidity and may be used to reduce 2028 notes when the call premium steps down in July.
Positive
- Net proceeds of approximately $154.9 million
- Issued at premium of 105% of par, enhancing upfront cash
- Immediate revolver reduction using proceeds increases near-term liquidity
Negative
- 9.75% fixed coupon increases annual interest expense on added principal
- Further issuance expands outstanding senior notes tied to 2031 maturity
News Market Reaction – CLMT
On the day this news was published, CLMT gained 1.68%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CLMT was down 1.08% while peers were mixed: SCL down 1.22%, ODC down 0.93%, but ECVT up 2.96% and KRO up 4.98%. Momentum scanner only flagged OEC moving down, suggesting a stock-specific reaction to CLMT’s notes offering rather than a broad sector move.
Previous Offering Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | Debt notes offering | Negative | -0.5% | Completed upsized $405M 9.75% 2031 notes to refinance nearer-term debt. |
| Jan 14 | ATM equity program | Negative | -13.8% | Announced $65M at-the-market equity program for general purposes and debt paydown. |
Offering-related announcements have historically seen negative reactions, with an average move of -7.13% across past offering events.
Recent capital markets activity for Calumet has centered on terming out and diversifying its funding. In January 2026, subsidiaries completed a private placement of $405 million 9.75% Senior Notes due 2031, upsized from $350 million, to redeem higher‑coupon 2026 and 2027 notes. Earlier, in January 2025, the company launched a $65 million at‑the‑market equity program for general corporate and debt‑reduction uses. Today’s completion of an additional $150 million 2031 notes issue fits this ongoing balance sheet refinancing and liquidity‑focused playbook.
Historical Comparison
Past offering-related announcements for CLMT averaged a -7.13% move, reflecting investor caution toward new debt and equity financings.
Capital strategy has relied on repeat offerings: new 2031 notes to refinance 2026/2027 debt and an ATM equity program to support liquidity and the Montana Renewables MaxSAF™ 150 expansion.
Market Pulse Summary
This announcement highlights Calumet’s continued shift toward longer‑dated, fixed‑rate funding. The company completed a private placement of $150 million in 9.75% Senior Notes due 2031 at 105% of par, generating about $154.9 million in net proceeds to repay its revolving credit facility. Combined with the earlier $405 million 2031 notes and past equity tools, investors can monitor how this debt stack, interest burden, and planned reduction of 2028 notes interact with cash flow and progress at Montana Renewables’ MaxSAF® 150 expansion.
Key Terms
rule 144a regulatory
regulation s regulatory
senior notes financial
revolving credit facility financial
AI-generated analysis. Not financial advice.
As previously announced, Calumet intends to use the net proceeds from the Offering to repay outstanding borrowings under its revolving credit facility immediately. The Additional Notes constitute a further issuance of the Issuers'
"Following our strong financial and operational performance in 2025, our priorities remain clear: continue to generate strong cash flow in a favorable margin environment while unlocking additional value at Montana Renewables as we advance our MaxSAF® 150 expansion," said David Lunin, CFO. "This transaction builds on the success of our notes issuance earlier this year, with proceeds used to immediately reduce our revolver, providing ample flexibility in what's expected to continue as a volatile and highly profitable commodity environment. Ultimately, we expect to use the additional liquidity provided by this offering to reduce our 2028 notes when the call premium steps down in July."
About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in
Cautionary Statement Regarding Forward-Looking Statements
Certain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the use of proceeds from the Offering. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
View original content:https://www.prnewswire.com/news-releases/calumet-completes-offering-of-150-million-of-additional-9-75-senior-notes-due-2031--302716538.html
SOURCE Calumet, Inc.
FAQ
What did Calumet (CLMT) announce on March 17, 2026 about senior notes?
How will the $150 million 9.75% notes affect Calumet's liquidity and debt structure (CLMT)?
Do the Additional Notes issued March 17, 2026 form a new series or join existing CLMT notes?
What rate do Calumet's new senior notes pay and when do they mature for CLMT investors?
How does Calumet expect to use the additional liquidity from the March 17, 2026 offering (CLMT)?
