Calumet Specialty Products Partners, L.P., announced today that it has completed the previously announced conversion of its structure from a master limited partnership (“MLP”) to a C-Corporation, pursuant to which the unitholders of the Partnership became shareholders of Calumet, Inc. (“New Calumet”). As previously announced, unitholders approved each proposal presented, including the Conversion, at the Partnership’s special meeting of unitholders held on July 9th, 2024.
The 80,388,555 common units of the Partnership that were outstanding immediately before the Conversion were each exchanged for one share of common stock, par value $0.01 per share (the “Common Stock”), of New Calumet. Additionally, New Calumet issued 5,500,000 shares of Common Stock (alongside the elimination of 1,640,583 GP units) and 2,000,000 warrants to purchase shares of Common Stock at an exercise price of $20.00 per share, pursuant to the terms of the Conversion. The Common Stock will commence trading on Nasdaq on Thursday, July 11th under the ticker symbol “CLMT,” which is the same symbol that the Partnership’s common units traded under prior to the completion of the Conversion.
“The completion of the conversion to a C-Corporation is a major strategic milestone in the Calumet transformation,” said Todd Borgmann, CEO. “This conversion is expected to meaningfully increase Calumet’s shareholder base as many institutional investors and passive indices who were not able to invest in MLPs can now participate in Calumet at an exciting and pivotal time. Passive indices alone typically own 20% to 30% of peer C corps, and accessing this large group of capital is a material opportunity for Calumet. With this major step now taken, we remain focused on our clear vision for Calumet’s leading specialty products and renewables businesses and executing on the near-term transformational catalysts ahead of us.”
About Calumet
Calumet 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 12 specialty product manufacturing and production facilities throughout North America.
