Calumet expands credit facility to $600M, gets final DOE draw

Calumet, Inc. (NASDAQ: CLMT) announced it has amended its asset-based loan (ABL) facility, increasing total commitments by $100 million to $600 million, subject to borrowing base limitations. The maturity date remains January 2031, with Bank of America, N.A. serving as agent for a group of lenders.

Separately, Montana Renewables, LLC, an unrestricted subsidiary of Calumet, received its final draw of $34 million under its amended Loan Guarantee Agreement with the U.S. Department of Energy (DOE).

David Lunin, Executive Vice President and Chief Financial Officer, said the amended ABL facility "reflects an adjustment of our borrowing base to align with higher market prices, and ultimately higher receivables," adding that it "further strengthens our liquidity position to support working capital needs as commodity prices fluctuate."

As previously announced, the remaining project capital for Calumet's MaxSAF expansion was reduced to $137 million from the $1.2 billion outlined in the original Phase 2 plan. The reduction was driven by the repurposing of equipment from the adjacent Calumet Montana Refining asphalt facility.

Calumet is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America. This announcement is based on a company press release dated Sept. 14, 2026.

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