Volte-Face Investments
Long/short equity, value, contrarian, special situations

With Calumet Specialty Products Reaching A Yield Of 25%, Ignore The Units And Buy The Bonds

Please Note: Any bond yielding 14% to Maturity is a clear signal that the market believes it is in great distress. Back in June of 2015, I wrote an article about buying units in Calumet Specialty Products Partners (NASDAQ:CLMT) that discussed it climbing a mountain and enjoying the view. I had been attracted to the company due to its high distribution and the very sizable percent of business done in niche refinery products like waxes, esters, and specialty solvents. In this article, however, I will not be pointing to the public units but rather my reasons for buying the CALUMET SPECIALTY PRODUCTS PARTNERS, L.P 7.625% Coupon Senior Unsecured Bonds Maturing 1/2022 CUSIP: 131477AL5 B2/B (Moody/S&P) (There are ...
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