Calumet extends financing arrangement with Stonebriar

Calumet (CLMT) announced that it has extended its Shreveport terminal asset financing arrangement with Stonebriar Commercial Finance. This transaction increases the assigned value of these terminal assets to $120M and will provide $80M of proceeds to Calumet, the difference between the new value of the assets and the remaining $40M balance on the prior schedule. The previous sale leaseback agreement originally valued these assets at $70M, which were scheduled to be repurchased in February 2027. This transaction carries a cost of capital of 10.75%, and net proceeds will be used to reduce Calumet’s outstanding 11.00% Senior Notes due 2026. Further, Calumet has delivered a notice for a partial redemption of $80M aggregate principal amount of its outstanding 2026 Notes at a redemption price of par, plus accrued and unpaid interest to, but not including, the redemption date of August 12.