8-K
filed April 25, 2023, 7:59 PM ET
CIK 0001340122
other material
confidence high
sentiment positive
materiality 0.75
Calumet Specialty Products Partners, L.P.: debt financing — Calumet's Montana Renewables completes SAF startup, secures $75M bridge loan from I Squared Capital
Calumet Specialty Products Partners, L.P.
- MRL completed startup of SAF and pretreatment units; full operations of SAF, renewable diesel, and renewable hydrogen platform.
- Reconfirms go-forward EBITDA guidance of $1.25-$1.45 per gallon based on local untreated feedstocks.
- Closed $75M bridge loan with I Squared Capital; variable rate SOFR+6.0-7.3% per annum; prepay 50% of principal from free cash flow by end 2024.
- Ribbon cutting ceremony planned for May 10, 2023 with SAF off-taker.
- CEO Todd Borgmann highlights full earnings power of Montana Renewables added to legacy Specialty business.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Calumet Specialty Products Partners, L.P. incurred term loan of $75 million with I Squared Capital and the Administrative Agent (Delaware Trust Company) at Secured Overnight Financing Rate ("SOFR") plus 6.0% to 7.3% per annum maturing April 19, 2028.
- Instrument
- term loan
- Principal
- $75 million
- Counterparty
- I Squared Capital and the Administrative Agent (Delaware Trust Company)
- Rate
- Secured Overnight Financing Rate ("SOFR") plus 6.0% to 7.3% per annum
- Maturity
- April 19, 2028
- Event
- incurrence
Exact text from the filing
On April 19, 2023, MRL and Holdings entered into a Credit Agreement (the “Term Loan Credit Agreement”) with a group of financial institutions, including I Squared Capital and the Administrative Agent, that provides for a $75 million term loan facility with a maturity date of April 19, 2028 (the “Maturity Date”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Calumet Specialty Products Partners, L.P. entered into Term Loan Credit Agreement with a group of financial institutions, including I Squared Capital and the Administrative Agent valued at $75 million (effective 2023-04-19).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- a group of financial institutions, including I Squared Capital and the Administrative Agent
- Value
- $75 million
- Effective
- 2023-04-19
Exact text from the filing
On April 19, 2023, MRL and Holdings entered into a Credit Agreement (the “Term Loan Credit Agreement”) with a group of financial institutions, including I Squared Capital and the Administrative Agent, that provides for a $75 million term loan facility with a maturity date of April 19, 2028
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Calumet Specialty Products Partners, L.P. amended First Amendment with Wells Fargo Bank, National Association (effective 2023-04-19).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, National Association
- Effective
- 2023-04-19
Exact text from the filing
Amendment No. 1 (the “First Amendment” and, together with the Second Amendment, the “Amendments”) to the Guaranty and Security Agreement, dated as of November 2, 2022
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Calumet Specialty Products Partners, L.P. amended Second Amendment with Wells Fargo Bank, National Association (effective 2023-04-19).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, National Association
- Effective
- 2023-04-19
Exact text from the filing
2 (the “Second Amendment”) to the Credit Agreement, dated as of November 2, 2022, as amended, and (ii) Amendment No. 1 (the “First Amendment” and, together with the Second Amendment, the “Amendments”) to the Guaranty and Security Agreement, dated as of November 2, 2022, in each case, with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lender.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Calumet Specialty Products Partners, L.P. entered into Collateral Trust Agreement with Wilmington Trust, National Association, as collateral trustee, and Delaware Trust Company, as administrative agent (effective 2023-04-19).
- Action
- entry
- Counterparty
- Wilmington Trust, National Association, as collateral trustee, and Delaware Trust Company, as administrative agent
- Effective
- 2023-04-19
Exact text from the filing
On April 19, 2023, MRL and Montana Renewables Holdings LLC (“Holdings”), the parent company of MRL and an unrestricted, non-guarantor subsidiary of the Partnership, entered into a Collateral Trust and Intercreditor Agreement (the “Collateral Trust Agreement”) with Wilmington Trust, National Association, as collateral trustee, and Delaware Trust Company, as administrative agent (the “Administrative Agent”).
View on SEC.gov
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