Calumet, Inc. announced the early results of its private exchange offer for the 11.00% Senior Notes due 2025. As of the early tender time on November 5, 2024, an aggregate of $354,399,000 principal amount of the Old Notes had been validly tendered and not validly withdrawn.
This represents approximately 97.5% of the outstanding Old Notes, significantly exceeding the 80% minimum participation condition for the exchange offer. The high level of participation demonstrates strong investor confidence in Calumet's debt management strategy.
The successful early tender allows Calumet to effectively extend the maturity of a substantial portion of its 2025 notes to 2026. The settlement date for the exchange offer is currently expected to occur on or about November 25, 2024.
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