Why Calumet Stock Was a Major Winner on Wednesday

Calumet stock rallied over 4% after announcing it would redeem $100 million in senior notes maturing in 2028 as part of a broader debt reduction strategy. The company is paying a premium of 102.4% of par value and has also reduced revolving credit facility borrowings. However, the company remains highly leveraged with long-term debt of $2.3 billion against $2.8 billion in assets.