Calumet Specialty Products Partners L.P. (CLMT) Thursday priced its private placement of $275 million in aggregate principal amount of 9 5/8 percent senior unsecured notes due 2020. The offering size was increased to $275 million from $250 million. The notes mature on August 1, 2020 and will be issued at a discounted price of 98.250 percent of par. The offering is expected to close on June 29, 2012.
The net proceeds from the offering will be deposited into escrow pending completion of the company's previously announced acquisition of Royal Purple, Inc. Upon release of the net proceeds from escrow at the closing of the acquisition, the company intends to use such net proceeds to fund a portion of the purchase price and related expenses of the acquisition.
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