Calumet Announces $120 million Extension with Stonebriar
Calumet (NASDAQ: CLMT) has extended its Shreveport terminal asset financing arrangement with Stonebriar Commercial Finance, increasing the asset value to $120 million. The transaction will provide $80 million in proceeds to Calumet, reflecting the difference between the new value and the remaining $40 million balance on the prior schedule.
The financing carries a 10.75% cost of capital, and proceeds will be used to partially redeem Calumet's 11.00% Senior Notes due 2026. The company has initiated a redemption of $80 million of these notes at par value, with the redemption date set for August 12, 2025. The previous sale-leaseback agreement valued these assets at $70 million with a scheduled repurchase in February 2027.
[ "Asset value increase from $70M to $120M demonstrates significant facility improvement", "Reduction in interest expense by refinancing 11.00% notes with 10.75% financing", "Strategic deleveraging of balance sheet through debt refinancing" ]Calumet (NASDAQ: CLMT) ha esteso l'accordo di finanziamento per l'impianto di Shreveport con Stonebriar Commercial Finance, aumentando il valore dell'asset a 120 milioni di dollari. La transazione fornirà a Calumet 80 milioni di dollari di proventi, corrispondenti alla differenza tra il nuovo valore e il residuo di 40 milioni di dollari del precedente piano.
Il finanziamento prevede un costo del capitale del 10,75% e i proventi saranno utilizzati per il rimborso parziale delle Senior Notes all'11,00% in scadenza nel 2026. La società ha avviato il rimborso di 80 milioni di dollari di questi titoli al valore nominale, con data di rimborso fissata per il 12 agosto 2025. Il precedente accordo di vendita e riacquisto valutava questi asset 70 milioni di dollari con un riacquisto programmato per febbraio 2027.
- L'aumento del valore dell'asset da 70 a 120 milioni di dollari dimostra un significativo miglioramento dell'impianto
- Riduzione degli oneri finanziari rifinanziando le note all'11,00% con un finanziamento al 10,75%
- Strategico deleveraging del bilancio attraverso il rifinanziamento del debito
Calumet (NASDAQ: CLMT) ha ampliado su acuerdo de financiación de activos para la terminal de Shreveport con Stonebriar Commercial Finance, aumentando el valor del activo a 120 millones de dólares. La transacción proporcionará a Calumet 80 millones de dólares en ingresos, reflejando la diferencia entre el nuevo valor y el saldo restante de 40 millones de dólares del acuerdo anterior.
La financiación tiene un costo de capital del 10,75%, y los ingresos se utilizarán para redimir parcialmente las Senior Notes al 11,00% con vencimiento en 2026 de Calumet. La compañía ha iniciado la redención de 80 millones de dólares de estas notas a valor nominal, con fecha de redención establecida para el 12 de agosto de 2025. El acuerdo previo de venta y arrendamiento valoraba estos activos en 70 millones de dólares con una recompra programada para febrero de 2027.
- El aumento del valor del activo de 70 a 120 millones de dólares demuestra una mejora significativa en la instalación
- Reducción de gastos por intereses al refinanciar notas al 11,00% con financiamiento al 10,75%
- Desapalancamiento estratégico del balance mediante refinanciamiento de deuda
Calumet (NASDAQ: CLMT)은 Stonebriar Commercial Finance와 함께 Shreveport 터미널 자산 금융 계약을 연장하여 자산 가치를 1억 2천만 달러로 증가시켰습니다. 이번 거래를 통해 Calumet은 이전 잔액 4천만 달러와의 차액인 8천만 달러의 자금을 확보하게 됩니다.
금융 비용은 10.75%이며, 조달된 자금은 Calumet의 2026년 만기 11.00% 선순위 채권 일부 상환에 사용될 예정입니다. 회사는 이 채권 중 8천만 달러를 액면가로 상환하기로 했으며, 상환일은 2025년 8월 12일로 정해졌습니다. 이전 매각 후 재임대 계약에서는 이 자산을 7천만 달러로 평가하고 2027년 2월에 재매입할 예정이었습니다.
- 자산 가치가 7천만 달러에서 1억 2천만 달러로 증가하여 시설이 크게 개선됨을 보여줌
- 11.00% 채권을 10.75% 금융으로 재융자하여 이자 비용 감소
- 부채 재융자를 통한 전략적 부채 축소
Calumet (NASDAQ : CLMT) a prolongé son accord de financement des actifs de son terminal de Shreveport avec Stonebriar Commercial Finance, portant la valeur de l'actif à 120 millions de dollars. La transaction fournira à Calumet 80 millions de dollars de produits, correspondant à la différence entre la nouvelle valeur et le solde restant de 40 millions de dollars selon l'ancien échéancier.
Le financement comporte un coût du capital de 10,75%, et les produits seront utilisés pour rembourser partiellement les Senior Notes à 11,00% arrivant à échéance en 2026 de Calumet. La société a lancé un remboursement de 80 millions de dollars de ces obligations à leur valeur nominale, la date de remboursement étant fixée au 12 août 2025. Le précédent contrat de vente avec location a évalué ces actifs à 70 millions de dollars avec un rachat prévu en février 2027.
- L'augmentation de la valeur de l'actif de 70 à 120 millions de dollars témoigne d'une amélioration significative des installations
- Réduction des charges d'intérêts grâce au refinancement des notes à 11,00% par un financement à 10,75%
- Désendettement stratégique du bilan par refinancement de la dette
Calumet (NASDAQ: CLMT) hat seine Finanzierung des Terminals in Shreveport mit Stonebriar Commercial Finance verlängert und den Asset-Wert auf 120 Millionen US-Dollar erhöht. Die Transaktion wird Calumet 80 Millionen US-Dollar Erlöse bringen, was der Differenz zwischen dem neuen Wert und dem verbleibenden 40 Millionen US-Dollar Saldo des vorherigen Plans entspricht.
Die Finanzierung hat einen Kapitalisierungssatz von 10,75%, und die Erlöse werden zur teilweisen Rückzahlung der 11,00% Senior Notes mit Fälligkeit 2026 von Calumet verwendet. Das Unternehmen hat eine Rückzahlung von 80 Millionen US-Dollar dieser Anleihen zum Nennwert eingeleitet, mit einem Rückzahlungstermin am 12. August 2025. Die vorherige Sale-and-Leaseback-Vereinbarung bewertete diese Vermögenswerte mit 70 Millionen US-Dollar und sah einen Rückkauf im Februar 2027 vor.
- Die Erhöhung des Asset-Werts von 70 auf 120 Millionen US-Dollar zeigt eine deutliche Verbesserung der Anlage
- Reduzierung der Zinskosten durch Refinanzierung der 11,00%-Anleihen mit 10,75%-Finanzierung
- Strategische Schuldenabbau durch Umschuldung
- None.
- Still maintaining relatively high cost of capital at 10.75%
- Increased leverage on terminal assets from $70M to $120M
Insights
Calumet's $120M refinancing lowers interest costs and extends debt maturity, improving financial flexibility while recognizing asset value appreciation.
Calumet's extension of its Shreveport terminal financing with Stonebriar represents a strategic liability management move that accomplishes several objectives simultaneously. The company is increasing the assigned value of these terminal assets from $70 million to
The financial engineering here is particularly noteworthy. Calumet is using these proceeds to reduce its
Perhaps more significant is the implied asset value appreciation in this transaction. The
This transaction should be viewed in the context of Calumet's broader liability management strategy. By partially redeeming 2026 notes at par (avoiding any premium payment), the company is demonstrating disciplined capital allocation while extending its debt maturity profile. This provides additional financial flexibility and represents a proactive approach to managing their capital structure ahead of potential refinancing needs.
Company Intends to Use Proceeds to Partially Redeem its Senior Notes due 2026
"Stonebriar continues to be a valued partner to Calumet," said Todd Borgmann, CEO. "The substantial value increase recognized through this transaction is a result of our Shreveport team's relentless focus on improving the reliability and throughput of our facility, and we look forward to continuing to build upon the operational progress made at this important site."
For more information, please see our Current Report on Form 8-K that will be filed with the Securities and Exchange Commission (the "SEC").
About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in
Cautionary Statement Regarding Forward-Looking Statements
Certain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, (i) our intended use of proceeds from the extension of our sale and leaseback agreement with Stonebriar, (ii) our expectation regarding our business outlook and cash flows, including with respect to our plans to de-leverage our balance sheet, (iii) the expected redemption of a portion of our outstanding 2026 Notes and (iv) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.
We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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SOURCE Calumet, Inc.
FAQ
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