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Here's Why Calumet (CLMT) Stock Is Tanking Today

NEW YORK (TheStreet) -- Calumet Specialty Products (CLMT - Get Report) stock is plummeting by 46.77% to $5.47 on heavy trading volume this morning, after the company suspended its dividend and priced a $400 million private placement offering of 11.5% senior secured notes due in 2021.

The specialty hydrocarbon products producer will suspend its quarterly dividend of 68.5 cents per unit, or $2.74 per unit on annualized basis, according to a statement released after Friday's market close.

"The proceeds raised from the senior secured notes offering, in conjunction with a suspension in our quarterly cash distribution, position us to manage our capital structure with prudence and conservatism...