The amended asset-based loan facility, which maintains a January 2031 maturity, is designed to provide greater liquidity as commodity price fluctuations impact working capital. David Lunin, the company’s Chief Financial Officer, noted that the adjustment aligns borrowing capacity with current market valuations and higher receivables.
Calumet Secures $100 Million Credit Boost and Final DOE Renewable Funding
Indianapolis-based Calumet, Inc. has expanded its senior secured revolving credit facility by $100 million, bringing total commitments to $600 million. This financial maneuver, led by Bank of America, arrives alongside the company’s receipt of a final $34 million draw from the U.S. Department of Energy to fuel its MaxSAF expansion.
Parallel to the credit expansion, the company’s subsidiary, Montana Renewables, successfully closed out its Loan Guarantee Agreement with the Department of Energy. This final $34 million installment supports the ongoing development of the MaxSAF project. Calumet has significantly streamlined the capital requirements for this expansion, lowering the remaining project costs to $137 million. This reduction stems from a strategic decision to repurpose existing equipment from the adjacent Montana Refining asphalt facility, effectively accelerating the timeline through targeted, rapid-payback investments.
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