INDIANAPOLIS, Oct. 15, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), have given notice for redemption of $150 million of the outstanding 9.75% Senior Notes due 2028 (CUSIP Nos. 131477 AW1 and U13077 AM1) that were originally issued in June 2023 (the "2028 Notes"), to be effected on October 25, 2026 at a cash redemption price of 102.438% of the principal amount, plus accrued and unpaid interest to but not including the redemption date.

As previously announced, in July of this year, the Issuers redeemed $100 million of the 9.75% Senior Notes due 2028 that were originally issued in January 2025 and fully repaid and terminated the $15.5 million Montana terminal asset financing arrangement. With today's announced redemption, Calumet will have retired approximately $265 million of debt since July 2026.

"Today's announcement to call $150 million of additional debt reinforces our commitment to accelerating debt reduction, strengthening our balance sheet and reducing interest expense," said David Lunin, CFO. "The $265 million of debt reduced over the past four months, including the redemption announced today, will result in an annual cash interest savings of approximately $26 million. We believe our strong operating momentum and current industry outlook position us to continue deleveraging while advancing our growth strategies across both our Specialties and Montana Renewables businesses."

This press release shall not constitute a notice of redemption of the 2028 Notes. Information concerning the terms and conditions of the redemption of the 2028 Notes is described in the notice of partial redemption distributed to holders on October 15, 2026.

About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding the partial redemption of the 2028 Notes and our ability to continue deleveraging our balance sheet and advance our growth strategies across both our Specialties and Montana Renewables businesses. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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SOURCE Calumet, Inc.