Calumet units get secured revolving facility up to $90 million

By Mary-Katherine Stinson

Lexington, Ky., Nov. 8 – Calumet Specialty Products Partners, LP’s indirect subsidiary Montana Renewables, LLC with its parent Montana Renewable Holdings LLC as borrowers entered a credit agreement on Nov. 2 providing an asset-backed revolving facility for up to a maximum of $90 million, according to an 8-K filing with the Securities and Exchange Commission.

Additional commitments of up to $15 million may be requested.

Borrowings will bear interest at SOFR plus 150 basis points to 200 bps based on average excess availability. The initial rate will be SOFR plus 200 bps.

There is an unused line fee of 25 bps.

The facility matures Nov. 2, 2027.

Wells Fargo Bank, NA is the administrative agent and lender.

The facility is secured by accounts receivables and open blenders tax credit refunds.

Calumet is an Indianapolis-based master limited partnership and a producer of fuel products and specialty hydrocarbon products.

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