Manufacturers and Calumet Specialty Products and Manufacturing & Technology

Calumet Specialty hopes to raise $375M to pay off debt

April 12, 2011

Indianapolis oil refiner Calumet Specialty Products Partners LP intends to sell $375 million in senior notes to pay off existing debt.

The company, along with its subsidiary Calumet Finance Corp., announced the sale Monday. The unsecured notes would be due in 2019.

Calumet said it will use the net proceeds from private placement, plus borrowings under its revolving credit line, to repay in full a secured-term loan, accrued interest and fees.

Calumet makes specialty lubricants for a variety of industrial uses and consumer products. The company operates two refineries in Louisiana and has manufacturing and distribution in Illinois, Texas and Pennsylvania. It has 650 employees.

Company shares were down 3.1 percent in Tuesday morning trading, to $20.48 each.

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