Calumet specialty products partners, l.p. announces closing of $550 million offering of senior unsecured notes due 2025

Calumet specialty products partners, l.p. announced that it has successfully completed a $550 million offering of new senior unsecured notes maturing in 2025 (the "offering"). transaction highlights: completes effort to address original $900 million of notes maturing in 2021, with maturity of new notes at 5.5 years. net proceeds of the offering plus borrowings under revolver and cash on hand to be used to redeem all existing senior notes due 2021. estimated annual interest expense of approximately $138 million based on current capital structure is significantly lower than the approximately $156 million of interest expense reported in 2018. issuing the new notes in the unsecured market provides optionality to address 2022 and 2023 maturities with free cash flow, asset sales, or refinancing, and preserves current credit ratings, enabling access to improved trade credit.
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