Calumet extends credit facility to 2031, $500M size

Calumet, Inc. has amended its main credit facility through a Ninth Amendment to its Third Amended and Restated Credit Agreement.

Rhea-AI Filing Summary

Calumet, Inc. has amended its main credit facility through a Ninth Amendment to its Third Amended and Restated Credit Agreement. The change extends the facility’s maturity to January 23, 2031 and sets total lender commitments at $500.0 million, subject to borrowing base limitations.

The amendment also revises covenants, representations, warranties and events of default so the company or its subsidiaries can complete new inventory financing transactions once certain customary conditions are met. If any such inventory financing transaction occurs, total commitments under the credit agreement will be reduced from $500.0 million to $425.0 million.

Insights

Credit & capital structure analyst

Calumet secures longer-dated, $500M asset-based credit flexibility.

Calumet has extended the maturity of its primary credit agreement to January 23, 2031 and set lender commitments at $500.0 million, subject to a borrowing base. This keeps a sizable revolving source of liquidity in place for a longer horizon.

The amendment also updates covenants and events of default to allow one or more new inventory financing transactions, each subject to customary conditions. These structures can shift some working capital funding to separate facilities, depending on terms and execution.

If an inventory financing transaction is completed, total commitments under the credit agreement fall from $500.0 million to $425.0 million. Future disclosures may clarify how much funding is ultimately provided through the main facility versus any new inventory financing arrangements.

8-K Event Classification

2 items: 1.01, 2.03

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Calumet, Inc. (CLMT) change in its credit agreement?

Calumet amended its primary credit agreement through a Ninth Amendment. The changes extend the facility’s maturity, set lender commitments at $500.0 million subject to a borrowing base, and adjust covenants to allow potential new inventory financing transactions under customary conditions.

How large is Calumet, Inc.’s amended credit facility?

The amended credit agreement provides for lender commitments of $500.0 million, subject to borrowing base limitations. This structure means actual borrowing capacity depends on eligible collateral levels, typical for asset-based lending facilities used to fund working capital and operational needs.

When does Calumet, Inc.’s amended credit facility now mature?

The Ninth Amendment extends the maturity date of Calumet’s credit agreement to January 23, 2031. This longer-dated maturity helps provide visibility on the availability of revolving credit over several years, subject to ongoing covenant compliance and borrowing base requirements.

What are the inventory financing provisions in Calumet, Inc.’s amendment?

The amendment revises covenants, representations, warranties and events of default so Calumet or its subsidiaries can complete new inventory financing transactions. Each such transaction must meet customary conditions, giving the company additional flexibility in how it finances inventory assets over time.

How could inventory financing affect Calumet, Inc.’s credit commitments?

If Calumet completes any new inventory financing transaction permitted by the amendment, total commitments under the credit agreement will be reduced from $500.0 million to $425.0 million. This shifts part of the company’s overall funding mix toward separate inventory-focused facilities.

Who is the administrative agent on Calumet, Inc.’s amended facility?

Bank of America, N.A. serves as administrative agent under the Third Amended and Restated Credit Agreement, as modified by the Ninth Amendment. The agreement also includes various lenders and certain Calumet subsidiaries as parties to the overall asset-based lending structure.

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

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Accepted by SEC EDGAR 01/29/2026 - 04:39 PM Learn about SEC filing dates

Calumet, Inc. /DE false 0002013745 0002013745 2026-01-23 2026-01-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2026

CALUMET, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-42172		36-5098520
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1060 N Capitol Ave

Suite 6-401

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (317) 328-5660

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		CLMT		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

Ninth Amendment to Third Amended and Restated Credit Agreement

On January 23, 2026, Calumet, Inc. (the “Company”) entered into the Ninth Amendment to the Third Amended and Restated Credit Agreement (the “Ninth Amendment”). The Ninth Amendment amended the Third Amended and Restated Credit Agreement, dated as of February 23, 2018 (the “Credit Agreement”), by and among Calumet GP, LLC, Calumet Specialty Products Partners, L.P., certain subsidiaries of the Company party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent. Among other changes, the Ninth Amendment modified the Credit Agreement to (i) extend the maturity date to January 23, 2031, (ii) provide for commitments of $500.0 million, subject to borrowing base limitations, (iii) revise certain covenants, representations and warranties, events of default and other terms to permit the Company or one or more of its subsidiaries to consummate one or more new inventory financing transactions, subject in each case to the Company’s satisfaction of certain customary conditions and (iv) provide for a reduction of commitments under the Credit Agreement from $500.0 million to $425.0 million if any such inventory financing transaction is consummated.

The foregoing description of the Ninth Amendment is qualified in its entirety by reference to the full text of the Ninth Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Exhibit Title or Description
10.1		Ninth Amendment to Third Amended and Restated Credit Agreement, dated as of January 23, 2026, by and among Calumet, Inc., Bank of America, N.A. and the other parties signatory thereto.
104		Cover Page Interactive Data File- the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				CALUMET, INC.
Date: January 29, 2026				By:		/s/ David Lunin
				Name:		David Lunin
				Title:		Executive Vice President and Chief Financial Officer