Calumet Specialty Products Partners LP (NASDAQ: CLMT) has priced an underwritten public offering of 6,000,000 common units at $26.75 per unit. Calumet also granted the underwriters a 30-day option to purchase up to 900,000 additional common units. This offering is expected to close on March 13.
Calumet intends to use the net proceeds from this common unit offering, including a proportionate capital contribution from its general partner, to repay borrowings outstanding under its revolving credit facility and for general partnership purposes, including capital expenditures, working capital and potentially the redemption or repurchase of outstanding notes.
Barclays, Wells Fargo Securities, JP Morgan, BofA Merrill Lynch, RBC Capital Markets, and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Credit Suisse, Deutsche Bank Securities, Raymond James, and Scotia Howard Weil are acting as co-managers for the offering.