Calumet shares jumped more than 4% on Wednesday after the company announced it is redeeming all $100 million of its 9.75% senior notes due 2028. Two wholly owned subsidiaries will redeem the notes at a price of slightly over 102.4% of par value. The move is part of a broader strategy to reduce debt, following a reduction in borrowings under its revolving credit facility in the second quarter. CFO David Lunin said the company is well positioned to continue accelerating deleveraging while investing in growth opportunities. Calumet still carries significant leverage, with long-term debt of just under $2.3 billion against nearly $2.8 billion in assets as of its most recent quarter.
Calumet Specialty Products PartnersCompany redeems $100M of high-interest senior notes, reducing debt and improving financial position.