Calumet Upsizes Senior Secured Revolving Credit Facility and Receives Final $34 Million Draw under the DOE Loan

Calumet boosts liquidity and secures final DOE loan funding while sharply reducing remaining capital needs for its MaxSAF expansion.

Rhea-AI Summary

Calumet (CLMT) increased total commitments under its senior secured asset-based revolving credit facility to $600 million, up $100 million, while keeping the maturity date at January 2031.

The ABL facility, led by Bank of America as agent for a lender group, remains subject to borrowing base limitations and is intended to support working capital needs amid commodity price volatility. Calumet said the amendment reflects higher market prices and receivables.

Separately, Montana Renewables, an unrestricted subsidiary, received its final $34 million draw under its amended Loan Guarantee Agreement with the U.S. Department of Energy. Remaining project capital for the MaxSAF expansion was previously reduced to $137 million from the $1.2 billion originally contemplated in Phase 2.

Positive

• ABL commitments increased to $600 million, a $100 million rise
• ABL maturity maintained at January 2031, preserving long-term funding access
• Montana Renewables received final $34 million DOE loan guarantee draw
• MaxSAF remaining project capital cut to $137 million from $1.2 billion

Negative

• None.

Market Context

The 3.66% gain on Sep 1 followed Calumet’s revised MaxSAF expansion and DOE agreement, providing dir...

Analysis

The 3.66% gain on Sep 1 followed Calumet’s revised MaxSAF expansion and DOE agreement, providing directly relevant financing context for today’s final DOE draw and ABL amendment.

Key Figures

Total ABL commitments: $600 million Commitment increase: $100 million ABL maturity date: January 2031 +2 more

Total ABL commitments

$600 million

After amendment; subject to borrowing base limitations

Commitment increase

$100 million

Increase in total ABL commitments

ABL maturity date

January 2031

Amended facility

Final DOE draw

$34 million

Under the amended Loan Guarantee Agreement

Remaining project capital

$137 million

MaxSAF expansion; down from the $1.2 billion original Phase 2 plan

Historical Context

1 past event · Latest: Sep 01

1 event

1. Sep 01

   MaxSAF expansion

   24h Move

   +3.7%

   Revised MaxSAF expansion reduced remaining capital and set a final DOE draw.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

asset-based loan, abl, loan guarantee agreement, borrowing base

4 terms

asset-based loan financial

"amended its existing asset-based loan (ABL) facility"

A loan secured by a company's tangible assets—such as inventory, accounts receivable, equipment or real estate—that the lender can take or sell if the borrower can't repay. Think of it like pawning a valuable item to get cash: it gives a business faster access to funds while reducing risk for the lender, and investors watch these loans because they affect a company's liquidity, borrowing cost, and how easily creditors can recover money in trouble.

abl financial

"increase its total commitments to $600 million"

Asset-based lending (ABL) is a type of loan or credit line secured by a company's tangible assets—such as inventory, accounts receivable, equipment, or real estate—rather than relying mainly on future profits. For investors, an ABL shows how a company is financing operations and managing cash flow: it can provide flexible borrowing when cash is tight but may signal limited access to unsecured credit and lead to tighter lender control if assets must be pledged, similar to taking a loan against items in a pawn shop.

loan guarantee agreement financial

"under its recently amended Loan Guarantee Agreement ("LGA")"

A loan guarantee agreement is a contract in which a third party (the guarantor) promises to repay a borrower’s loan or cover losses if the borrower fails to meet its payment obligations. Think of it like a co-signer on a loan: the guarantor’s backing lowers the lender’s risk and can make credit available on better terms. For investors, guarantees matter because they change the credit risk and potential contingent liabilities that affect a borrower’s finances and the guarantor’s obligations.

borrowing base financial

"subject to borrowing base limitations"

A borrowing base is the amount a lender will allow a company to borrow based on the value of assets the company offers as security, typically things like accounts receivable and inventory. It matters to investors because it sets a practical ceiling on short-term financing and influences a company’s liquidity and risk: if the borrowing base falls, the company may lose access to cash or be forced to sell assets, which can affect operations and share value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

INDIANAPOLIS, Sept. 14, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that it has amended its existing asset-based loan (ABL) facility to increase its total commitments to $600 million, an increase of $100 million, subject to borrowing base limitations. The ABL maturity date remains January 2031 and is led by Bank of America, N.A., as agent for a group of lenders.  In addition, Montana Renewables, LLC ("Montana Renewables" or "MRL"), an unrestricted subsidiary of Calumet, announced that it received its final draw of $34 million under its recently amended Loan Guarantee Agreement ("LGA") with the U.S. Department of Energy ("DOE").

"This amended ABL facility reflects an adjustment of our borrowing base to align with higher market prices, and ultimately higher receivables," said David Lunin, Executive Vice President and Chief Financial Officer. "It further strengthens our liquidity position to support working capital needs as commodity prices fluctuate. We're also pleased to receive the final draw under the amended LGA as we enthusiastically progress MaxSAF^®.  I'd like to thank both our lending group and the DOE for supporting these amendments and their continued support."

As previously announced, the remaining project capital for its MaxSAF® expansion was reduced to $137 million from the $1.2 billion contemplated in the original Phase 2 plan, driven by the repurposing of proven equipment from the adjacent Calumet Montana Refining asphalt facility through a series of quick-payback steps.  

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 Indianapolis, Indiana and operates twelve facilities throughout North America.

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. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. 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. For additional information regarding known material risks, uncertainties and other factors that can affect future results, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in the latest Annual Report on Form 10-K of the Company and other filings with the SEC by the Company. 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/calumet-upsizes-senior-secured-revolving-credit-facility-and-receives-final-34-million-draw-under-the-doe-loan-302877755.html

SOURCE Calumet, Inc.