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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis oil refiner Calumet Specialty Products Partners LP intends to sell $375 million in senior notes to pay off existing debt.
The company, along with its subsidiary Calumet Finance Corp., announced the sale Monday. The unsecured notes would be due in 2019.
Calumet said it will use the net proceeds from private placement, plus borrowings under its revolving credit line, to repay in full a secured-term loan, accrued interest and fees.
Calumet makes specialty lubricants for a variety of industrial uses and consumer products. The company operates two refineries in Louisiana and has manufacturing and distribution in Illinois, Texas and Pennsylvania. It has 650 employees.
Company shares were down 3.1 percent in Tuesday morning trading, to $20.48 each.
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