Calumet Specialty Products Partners, L.P. (CLMT: Quote) and its wholly owned subsidiary Calumet Finance Corp. announced that, subject to market conditions, they plan to offer for sale in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended, to eligible purchasers $250 million in aggregate principal amount of senior unsecured notes due 2020.
The company stated that the net proceeds from the private placement will be deposited into escrow pending completion of its formerly announced acquisition of Royal Purple, Inc. Upon release of the net proceeds from escrow at the closing of the Royal Purple acquisition, Calumet intends to use such net proceeds to fund a portion of the purchase price and related expenses of the Royal Purple acquisition.
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by RTT Staff Writer
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