Montana Renewables obtains $300 million term loan with Oaktree

Chicago, Nov. 24 – Montana Renewables, LLC, a wholly owned subsidiary of Calumet Specialty Products Partners, LP, entered into a $300 million senior secured term loan facility with Oaktree Fund Administration, LLC, according to an 8-K filed with the Securities and Exchange Commission.

The entire $300 million was drawn on Nov. 18, the closing date, to finance the transfer for value of the existing high-metallurgy hydrocracker and related assets in Great Falls, Mont. to Montana Renewables from Calumet Montana Refining.

The interest on the term loan is 8%.

There is no amortization and the facility matures on Nov. 18, 2024.

There is a penalty for prepayment of 111% of the principal amount outstanding with unpaid and outstanding interest.

Oaktree is the administrative agent and collateral agent.

Calumet is an Indianapolis-based master limited partnership and a producer of fuel products and specialty hydrocarbon products. Montana Renewables is a newly established unrestricted pure-play renewables subsidiary of Calumet.

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