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Calumet Specialty Products +1.8% after pricing upsized debt offering

  • 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.

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Calumet Specialty Products Partners, L.P.