Calumet, Inc. has amended its existing asset-based loan facility to increase total commitments to $600 million, an increase of $100 million, subject to borrowing base limitations. The ABL maturity date remains January 2031 and is led by Bank of America, N.A., as agent for a group of lenders. Separately, Montana Renewables, LLC, an unrestricted subsidiary of Calumet, received its final draw of $34 million under its recently amended Loan Guarantee Agreement with the U.S. Department of Energy. Chief Financial Officer David Lunin said the amended ABL facility reflects an adjustment of the borrowing base to align with higher market prices and higher receivables, strengthening liquidity to support working capital needs as commodity prices fluctuate. The company also noted that remaining project capital for its MaxSAF expansion was reduced to $137 million from the $1.2 billion contemplated in the original Phase 2 plan, driven by repurposing proven equipment from the adjacent Calumet Montana Refining asphalt facility.
Calumet Specialty Products PartnersCalumet upsized its ABL facility to $600M and drew the final $34M DOE loan tranche, strengthening liquidity.
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