Form 8-K Calumet Specialty Produc For: Mar 08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 8, 2018
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
DELAWARE (State or other jurisdiction of incorporation) | 000-51734 (Commission File Number) | 35-1811116 (IRS Employer Identification No.) | ||
2780 Waterfront Pkwy E. Drive
Suite 200
Indianapolis, Indiana 46214
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (317) 328-5660
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On March 8, 2018, Calumet Specialty Products Partners, L.P. and its wholly owned subsidiary Calumet Finance Corp. issued a press release announcing that they have called for redemption of all of the $400.0 million aggregate principal amount of their outstanding 11.5% Senior Secured Notes due 2021 (the “Notes”). The redemption date for the Notes is April 9, 2018, and holders will receive a redemption price of 100.0% of the principal amount of the Notes, plus accrued and unpaid interest thereon up to, but not including, the Redemption Date, plus a Make Whole Premium (as defined in the Indenture, dated April 20, 2016, governing the Notes).
The information contained in this Current Report on Form 8-K shall not constitute a notice of redemption of the Notes. The redemption is being made solely pursuant to a formal notice of redemption dated March 8, 2018 and delivered to the holders of the Notes.
A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. | |||
By: | CALUMET GP, LLC, its General Partner | ||
March 8, 2018 | By: | /s/ D. West Griffin | |
Name: D. West Griffin | |||
Title: Executive Vice President, Chief Financial Officer | |||
EXHIBIT INDEX
Exhibit Number | Description | |
EXHIBIT 99.1
Calumet Specialty Products Partners, L.P. Announces
Redemption of all of its 11.5% Senior Secured Notes due 2021
Company also announces that it extended its corporate revolver for a new five-year term
Indianapolis, IN (March 8, 2018) - Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the “Partnership” or “Calumet”) and its wholly owned subsidiary Calumet Finance Corp. announced today that they have called for redemption of all of the $400 million aggregate principal amount of their outstanding 11.5% Senior Secured Notes due 2021 (the “Notes”). The Partnership expects the redemption to be completed on April 9, 2018 (the “Redemption Date”) and holders will receive a redemption price of 100.0% of the principal amount thereof, plus accrued and unpaid interest thereon up to, but not including, the Redemption Date, plus a Make Whole Premium (as defined in the Indenture, dated April 20, 2016, governing the Notes (the “Indenture”)).
In accordance with the Indenture, the holders of the Notes will receive notice of the redemption, the redemption price and further instructions and details related to the process of such redemption.
Additionally, the Partnership has announced that last week it reached an agreement with its lenders for the renewal of its corporate revolving credit facility under a new five-year term.
“The early redemption of our secured notes serves as a clear indication that we have successfully turned the corner on our turnaround efforts.” said West Griffin, Chief Financial Officer of Calumet Specialty Products Partners. “Furthermore, the improvements to the Partnership’s financial condition have aided Calumet in achieving a five-year extension on its corporate revolver under better lending terms and conditions, reflective of the collective confidence that our lenders have in our ongoing improvement efforts. These actions combined are essential steps to improving our capital structure and further allowing the Partnership to capitalize on opportunities going forward.”
This press release is neither an offer to purchase or sell securities, nor a solicitation of an offer to purchase or sell securities, including the Notes.
About Calumet Specialty Products Partners, L.P.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products; produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates eleven manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
Forward-Looking Statements
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements related to the redemption of the Notes. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
For further information: Investor/Media Inquiry Contact: Alpha IR Group, Joe Caminiti or Chris Hodges, Phone: 312.445.2870 Email: [email protected].