Calumet's MRL cuts DOE loan to $815.8M, SAF expansion to 200M gal by 2028

Calumet, Inc. /DE

DOE loan principal reduced to $815.8M from $1.44B; capitalized interest to $232.8M; final draw $34M.
Remaining project capital $137M vs $1.2B original Phase 2; repurposing CMR equipment via lease.
SAF run-rate targets: 60M gal/yr now, 80M by YE2026, 120M by Spring 2027, 200M by YE2028.
No third-party equity required; eliminates dilution; MRL earnings fund balance of expansion.
CMR continues asphalt production, retains jobs; tie-in turnaround Q4 2026 captures ~$50M EBITDA.

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