Calumet Specialty Products (NASDAQ:CLMT) will float a new offering of its partnership units. The company will issue 5.25 million units in an underwritten public offering. Calumet also intends to provide those underwriters a purchase option for an additional 787,500 million units.
The company did not specify the timing of the issue, nor did it announce a price. It said it expects to use the proceeds of the issue for "general partnership purposes, including working capital, capital expenditures, acquisitions and potentially the redemption or repurchase of outstanding notes."
The investment banking arms of Barclays, Bank of America, Credit Suisse, JPMorgan Chase, and Royal Bank of Canada are the joint book running managers for the issue.
Editor's note: A previous version of this article listed an incorrect ticker symbol for Calumet.