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

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.

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SOURCE Calumet, Inc.