Calumet increases credit facility by $100m, gets DOE loan

Calumet, Inc., a specialty branded products and renewable fuels manufacturer, has increased its total asset-based loan facility by $100 million, raising the total commitments to $600 million, according to a press release. The loan facility, set to mature in January 2031, is led by Bank of America, N.A., with other lenders participating.

The increase is contingent on borrowing base limitations. Calumet's Executive Vice President and CFO, David Lunin, stated that the facility adjustment aligns with market price increases and higher receivables. Meanwhile, Montana Renewables, LLC, an unrestricted subsidiary, received its final draw of $34 million under its DOE loan guarantee agreement.

The subsidiary is advancing its MaxSAF expansion project. Initially, the project capital was planned to be $1.2 billion, but it has been reduced to $137 million after repurposing equipment from the adjacent Calumet Montana Refining asphalt facility.