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Montana Renewables launches $500 million term B at SOFR plus 775 bps
By Sara Rosenberg
New York, April 25 – Montana Renewables LLC held a lender call at 1:30 p.m. ET on Monday to launch a $500 million five-year green term loan B that is talked at SOFR+CSA plus 775 basis points with a 0.75% floor and an original issue discount of 98, according to a market source.
CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
The term loan is non-callable for one year, the source said.
BofA Securities Inc. is the lead on the deal.
Commitments are due at noon ET on May 10, the source added.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Montana Renewables, an unrestricted subsidiary of Calumet Specialty Products Partners LP, is a Great Falls, Mont.-based renewable diesel project.
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