Calumet Specialty Products +1.8% after pricing upsized debt offering

|About: Calumet Specialty Products ... (CLMT)|By:, SA News Editor

Calumet Specialty Products (CLMT +1.8%) units are moving after the MLP last night priced an upsized, $350M private placement of 7.625% senior unsecured notes due 2022.

The deal, which was increased 55% from initial plans for a $225M offering, is expected to close Nov. 26.

CLMT plans to use net proceeds for general partnership purposes, including working capital and possible acquisitions as well as buying back ~$100M of its 9.375% senior unsecured notes maturing in 2019 through privately negotiated transactions.