Calumet, Inc. announced an extension of its Shreveport terminal asset financing arrangement with Stonebriar Commercial Finance LLC. This transaction increases the assigned value of these terminal assets to $120 million, providing $80 million of net proceeds to Calumet.
The proceeds from this financing will be used to reduce the company's outstanding 11.00% Senior Notes due 2026. This financing carries a cost of capital of 10.75%, reflecting the terms of the extended agreement.
Concurrently, Calumet delivered a notice for a partial redemption of $80 million aggregate principal amount of its 2026 Notes, with a redemption date of August 12, 2025. This action further advances the company's deleveraging strategy and improves its capital structure.
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