Why Calumet Stock Was a Major Winner on Wednesday

In providing what has to be considered one of the better examples on Wednesday of a "make hay while the sun shines" strategy, Calumet (NASDAQ: CLMT) stock enjoyed an impressive rally. The oil products company's shares leaped more than 4% that day, on its announcement that it was reducing its debt load. Before market open, Calumet announced that two of its wholly owned subsidiaries are redeeming all of the senior notes from an early 2025 issue. They will redeem all notes in the $100 million, 9.75% issue that matures in 2028. They're paying a not-very-burdensome premium for this, as they're redeeming at a price of slightly over 102.4% of the notes' par value. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool