Calumet, Inc. (NASDAQ: CLMT), an Indianapolis-based maker of specialty branded products and renewable fuels, increased total commitments under its asset-based credit facility by $100 million to $600 million. The facility, for which Bank of America, N.A. acts as agent for a group of lenders, retains a maturity date of January 2031 and remains subject to borrowing base limitations.
Executive Vice President and Chief Financial Officer David Lunin said the amendment reflects an adjustment of the borrowing base to align with higher market prices and higher receivables.
Calumet also said its unrestricted subsidiary, Montana Renewables, LLC, received a final draw of $34 million under its amended Loan Guarantee Agreement with the U.S. Department of Energy. The draw supports the company's MaxSAF expansion project.
The remaining project capital for the MaxSAF expansion was reduced to $137 million, down from the $1.2 billion originally contemplated in the Phase 2 plan. Calumet attributed the reduction to repurposing equipment from the adjacent Calumet Montana Refining asphalt facility.
Calumet operates twelve facilities across North America.