Calumet Specialty Products Partners LP (CLMT) saw its stock soar 5.27% in Wednesday's intraday trading session, as the company announced updates on its recent financing activities.

Calumet priced a private placement of $100 million in aggregate principal amount of 9.75% Senior Notes due 2028 through its subsidiaries. The company intends to use the net proceeds to redeem part of its outstanding 11% Senior Notes maturing in 2026.

Additionally, Calumet registered a $65 million at-the-market equity program, providing flexible access to equity capital if needed, though the company stated it does not currently envision issuing new equity. CEO Todd Borgmann commented that these financing moves, along with a recently closed loan from the U.S. Department of Energy and expected free cash flow, provide a "clear, robust, and flexible path" to refinance debt maturities and focus on strategic objectives.