Calumet unit Montana Renewables gets $1.44B conditional DOE loan for SAF expansion

Calumet, Inc. /DE

DOE Loan Programs Office conditional commitment for up to $1.44B to expand Montana Renewables SAF capacity.
Expansion adds 300 million gallons/year SAF; MRL to become one of the largest SAF producers globally.
First tranche ~$778M expected to close Q4 2024; remaining via delayed draw facility through 2028.
15-year loan at Treasury rate + 0.375%; principal and interest deferred until MaxSAF project commissioned.
$150M equity investment at closing; 55/45 debt-to-equity ratio maintained during construction.

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