Calumet, Inc. (CLMT) has extended its terminal asset financing agreement with Stonebriar Commercial Finance LLC, significantly increasing the assigned value of its Shreveport terminal assets from $70 million to $120 million.
This revised transaction will provide Calumet with $80 million in proceeds, reflecting the increase in asset value after subtracting the $40 million remaining on the prior agreement. Originally set for repurchase in February 2027, these assets now carry a financing cost of capital at 10.75%. The company plans to use the net proceeds to reduce its 11.00% Senior Notes due in 2026.
Calumet has also issued a notice for the partial redemption of $80 million in principal of the 2026 Notes, redeeming them at par plus accrued interest by August 12, 2025.
According to CEO Todd Borgmann, the value increase reflects operational improvements and enhanced reliability at the Shreveport facility, driven by the team's ongoing efforts. He emphasized Stonebriar's continued role as a key financial partner in Calumet's growth.
Monday, CLMT closed at $16.81, or 0.36% lower on the NasdaqGS.
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