Calumet Specialty Products Partners, L.P.’s $200 Million Notes Exchange Offer

Baker Botts L.L.P. represented the sole dealer manager and solicitation agent in the Exchange Offer and Consent Solicitation.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) and its wholly owned subsidiary Calumet Finance Corp. (collectively, the “Issuers”) completed their private exchange offer to certain holders of their outstanding 7.625% Senior Notes due 2022 (the “2022 Notes”) to exchange 2022 Notes for newly issued 9.25% Senior Secured First Lien Notes due 2024 (the “New Notes”) and solicitation of consents (the “Consents”) from holders of their outstanding 11.00% Senior Notes due 2025 (the “2025 Notes”) to allow the Issuers to consummate the Exchange Offer (the “Consent Solicitation”).

The Issuers accepted tenders from holders of approximately $200 million in aggregate principal amount of 2022 Notes for approximately $200 million in aggregate principal amount of New Notes. Following the settlement of the Exchange Offer, approximately $150 million aggregate principal amount of 2022 Notes remain outstanding. Additionally, the Issuers executed a first supplement to the indenture governing the 2025 Notes and made a cash payment of $2.50 per $1,000 principal amount of 2025 Notes for which Consents were validly delivered (and not validly revoked).

Calumet Specialty Products Partners, L.P. is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America.

Baker Botts team was led by Justin Hoffman, A.J. Ericksen, Eileen Boyce, Gita Pathak, Daniel Jung, Andrew Thomison, Dan Tristan, Clint Culpepper, Chuck Campbell, Harrison Reback, Connie Simmons Taylor and Emily Quiros.

Involved fees earner: Eileen Boyce – Baker Botts; Chuck Campbell – Baker Botts; Clint Culpepper – Baker Botts; A.J. Ericksen – Baker Botts; Justin Hoffman – Baker Botts; Daniel Jung – Baker Botts; Gita Pathak – Baker Botts; Emily Quiros – Baker Botts; Harrison Reback – Baker Botts; Consuella Simmons Taylor – Baker Botts; Andrew Thomison – Baker Botts; Daniel Tristan – Baker Botts;

Law Firms: Baker Botts;

Clients: Barclays Capital ;

Author: Ambrogio Visconti