Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "Company," "we," "our" or "us"), announced two financing transaction updates today. These financings replace the Company's previous Supply and Offtake Agreements ("SOA") that provided financing for our Shreveport and Montana Refining facilities. The Shreveport SOA has been replaced with a new SOA that we entered into with J. Aron on January 17, 2024. Additionally, we increased the size of our Asset Backed Loan ("ABL") facility to support the inventories previously provided for under the Montana Refining SOA. We also included the Refinery Assets at Great Falls to increase the availability under the ABL facility.
Together, these financings provide a wholistic, simpler and more cost-effective solution to managing our inventory and working capital needs while also increasing the availability under our ABL.
