Calumet, Inc. (NASDAQ: CLMT) announced that its subsidiaries completed a private placement of $150 million in 9.75% Senior Notes due 2031. The notes were issued at 105% of par plus accrued interest, generating net proceeds of approximately $154.9 million after deducting fees and expenses.

The company plans to use the proceeds to repay outstanding borrowings under its revolving credit facility. The new notes constitute an additional issuance of existing 9.75% Senior Notes due 2031, of which $405 million were originally issued on January 12, 2026. The additional notes form a single series with the existing notes and carry identical terms except for the initial offering price.

"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," said David Lunin, chief financial officer. "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."

The offering was conducted under Rule 144A and Regulation S of the Securities Act of 1933. Calumet manufactures specialty branded products and renewable fuels, operating twelve facilities throughout North America from its Indianapolis headquarters.