--- schema_version: "secwatch.filing_event.v1" accession: "0001340122-23-000046" form_type: "8-K" ticker: null cik: "0001340122" company_name: "Calumet Specialty Products Partners, L.P." filed_at: "2023-04-25T23:59:59+00:00" generated_at: "2026-06-16T15:53:10.771126+00:00" event_type: "other_material" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Calumet's Montana Renewables completes SAF startup, secures $75M bridge loan from I Squared Capital ## Summary - 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. ## SEC filing metadata - accession: 0001340122-23-000046 - form_type: 8-K - cik: 0001340122 - company_name: Calumet Specialty Products Partners, L.P. - filed_at: 2023-04-25T23:59:59+00:00 - event_type: other_material - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 7.01, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/0001340122-23-000046-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/clmt-20230419.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001340122-23-000046 - JSON: https://secwatch.observer/filing/0001340122-23-000046.json - Plain text: https://secwatch.observer/filing/0001340122-23-000046.txt ## Key facts - Debt Financings 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/0001340122-23-000046-index.htm - Material Agreements 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/0001340122-23-000046-index.htm - Material Agreements 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/0001340122-23-000046-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/0001340122-23-000046-index.htm - Material Agreements 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1340122/000134012223000046/0001340122-23-000046-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.