Calumet, Inc. said its note-issuing subsidiaries plan to redeem $150 million of debt on Oct. 25 at a premium, adding to the company’s recent effort to reduce borrowing.
The notes carry a 9.75% interest rate and mature July 15, 2028. Holders are due 102.438% of principal, plus accrued and unpaid interest through, but excluding, the redemption date.
Calumet Specialty Products Partners, L.P. and Calumet Finance Corp. distributed a partial-redemption notice to holders on Oct. 15. Calumet said the press release announcing the transaction is not itself the formal redemption notice.
The notes were part of a $325 million issue in June 2023, according to Calumet’s 2025 Form 10-K. The planned call follows two debt reductions in July: a $100 million redemption of a separate series of 9.75% notes issued in January 2025, and repayment of a $15.5 million Montana terminal asset financing arrangement.
Calumet said the planned redemption will bring debt retired since July to about $265 million. Executive Vice President and Chief Financial Officer David Lunin said the combined debt reductions are expected to save about $26 million in annual cash interest. That estimate covers the reductions since July, including the planned redemption, rather than this call alone.
The company’s events calendar schedules its third-quarter 2026 earnings presentation for Nov. 6 at 9 a.m. EST.
