Calumet closes $150M sale-leaseback; receives $110M initially, MRL lease amended

Calumet, Inc. /DE

Sale-leaseback of Calumet Montana Refining assets for $150M; initial $110M received; remaining $40M contingent on future financing.
Cost of capital ~10.75% per year; monthly lease payments ~$1.9M over 9 years; proceeds to repay revolver.
MRL lease agreements amended to allow early termination upon receipt of proceeds from an Eligible Capital Event, including DOE loan guarantee.
If MRL repurchases assets on Nov 1, 2024, cost would be approx. $403M.
No assurance that DOE loan guarantee will be awarded or funded.

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