Core Viewpoint - Calumet, Inc. plans to offer $350 million in senior unsecured notes due 2031 to redeem existing senior notes due 2026 and 2027, contingent on market conditions and the completion of a minimum offering of $325 million in senior debt securities [1][2]. Group 1: Offering Details - The offering will be conducted as a private placement under Rule 144A and Regulation S of the Securities Act of 1933 [1][3]. - The net proceeds from the offering, along with cash on hand and borrowings, will be used to redeem all outstanding 11.00% Senior Notes due 2026 and $275 million of 8.125% Senior Notes due 2027 [1][2]. Group 2: Redemption Conditions - Notices of conditional redemption have been delivered for all outstanding 2026 Notes and $275 million of 2027 Notes, with redemption prices at par plus accrued interest [2]. - The redemption dates are set for January 21, 2026, for the 2026 Notes and January 16, 2026, for the 2027 Notes, contingent upon the completion of the offering [2]. Group 3: Company Overview - Calumet, Inc. manufactures and markets a diverse range of specialty branded products and renewable fuels across various consumer and industrial markets [5]. - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America [5].

Core Insights - Calumet, Inc. anticipates a net loss between $69 million and $12 million for the year ended December 31, 2025, with Adjusted EBITDA with Tax Attributes expected to range from $285 million to $305 million [2][19]. Financial Performance - The company reported a significant reduction in restricted debt by over $220 million in 2025, attributed to structural cost improvements exceeding $70 million, cost efficiencies of approximately $20 million, and a $110 million divestiture of the Royal Purple Industrial business [3]. - As of December 31, 2025, Calumet had approximately $250 million of liquidity in the Restricted Subsidiaries Group and total liquidity of about $447 million, including restricted cash [3]. Operational Highlights - The company achieved an increase of 1.3 million barrels in annual production, positioning itself for durable free cash flow generation and continued deleveraging in 2026 [3]. - Montana Renewables marked a pivotal year with the successful completion of a U.S. Department of Energy loan, eliminating around $80 million in annual cash debt service, and monetizing over $90 million in producer tax credits during 2025 [3]. Future Outlook - The company is optimistic about the long-term growth and margin outlook for Montana Renewables, especially with the MaxSAF expansion on track for the second quarter of 2026 and anticipated favorable regulatory developments [3].

Company Overview - Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels [1] - The company is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America [1] Upcoming Events - Calumet plans to attend the Goldman Sachs Energy, Clean Tech and Utilities Conference on January 6, 2026 [2] - The company will hold one-on-one investor meetings throughout the day of the conference [2]

Company Overview - Calumet generated revenue of $4.05 billion and reported a net income of -$37.20 million for the trailing twelve months [5] - The company's stock price as of Monday was $20.07, reflecting a one-year price change of -2% [5] Recent Developments - Alta Fundamental Advisers fully exited its position in Calumet by selling 459,937 shares, resulting in a net position change of $7.25 million [2][3][7] - This sale reduced Alta's stake in Calumet from approximately 3.71% of its reportable assets under management [3] Market Performance - As of the latest data, Calumet's shares were priced at $20.07, which is underperforming compared to the S&P 500, which has increased by 16% over the past year [4] Business Operations - Calumet specializes in manufacturing and marketing a range of specialty branded products, including solvents, lubricating oils, and renewable fuels [9][10] - The company serves various sectors, including industrial manufacturers, transportation, energy, and retail consumers [10] Financial Insights - Calumet recently reported a significant quarter with $313 million in net income and $92.5 million in adjusted EBITDA, driven by record margins in its Specialty Products segment [11] - Despite this positive performance, the company faces challenges such as heavy leverage, volatile cash flows, and reliance on tax credits [11][12] Strategic Positioning - Alta's exit indicates a reassessment of risk-reward dynamics, as the fund's remaining top holdings focus on sectors with clearer near-term cash visibility [12] - Calumet's stock requires sustained execution to improve its valuation, with expectations of continued volatility until renewable margins stabilize [13]

Group 1 - Calumet, Inc. plans to attend the Wells Fargo 24th Annual Energy & Power Symposium on December 10, 2025, and will hold one-on-one investor meetings throughout the day [1] - Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels [2] - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America [2]

Group 1 - Calumet, Inc. plans to attend the Bank of America Leveraged Finance Conference on December 2, 2025, and will hold one-on-one investor meetings throughout the day [1] - The company manufactures, formulates, and markets a diversified range of specialty branded products and renewable fuels for various consumer-facing and industrial markets [2] - Calumet is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [2] Group 2 - Calumet also announced its participation in the T.D. Cowen 2nd Annual Energy Conference in New York [3] - The company is set to attend the Bank of America Global Energy Conference in Houston [4]

Group 1 - Calumet, Inc. plans to attend the T.D. Cowen 2nd Annual Energy Conference in New York on November 18, 2025, and will hold one-on-one investor meetings throughout the day [1] - Calumet, Inc. manufactures, formulates, and markets a diversified range of specialty branded products and renewable fuels for various consumer-facing and industrial markets [2] - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [2] Group 2 - Calumet, Inc. also announced plans to attend the Bank of America Global Energy Conference in Houston [3] - The company reported its results for the third quarter ended September 30, 2025 [4]

Core Insights - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors [1] Group 1 - The analysis occasionally includes large-cap companies to provide a broader perspective on the equity markets [1]

Group 1 - Calumet, Inc. plans to attend the Bank of America Global Energy Conference in Houston on November 11, 2025, and will hold one-on-one investor meetings at the conference [1] - Calumet manufactures, formulates, and markets a diversified range of specialty branded products and renewable fuels for various consumer-facing and industrial markets [2] - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [2] Group 2 - Montana Renewables, in collaboration with Calumet Montana Refining, has launched MaxSAF™ Blended, which advances sustainable aviation fuel by commissioning onsite blending and shipping facilities [4]

Core Viewpoint - Calumet's Q3 2025 earnings report caused significant stock volatility, with a brief rise of 13% followed by a decline of 6%, ultimately settling down 2.5% [1][3] Financial Performance - Calumet reported a 2% decline in sales, totaling $1.1 billion, but achieved a profit of $3.61 per share in Q3 2025, a turnaround from a loss of $1.18 per share in Q3 2024, attributed to cost reduction initiatives expected to save $80 million annually [3][4] - The company announced a restatement of Q2 financials due to misclassification in cash flow statements, which will not affect reported revenue or profits but will increase operating cash flow by approximately $80 million, enhancing free cash flow [4] Investment Considerations - The positive Q3 earnings could potentially eliminate Calumet's current $75 million free cash flow deficit, making the company free cash flow positive [5] - Despite the earnings surprise, Calumet remains unprofitable over the last 12 months, leading to caution among investors regarding stock purchases until profitability is established [6][8]