Calumet, Inc. /DE (CLMT)

• Calumet, Inc. priced an upsized private placement of $405 million aggregate principal amount of 9.75% Senior Notes due 2031.
• The Notes, which mature on February 15, 2031, will be issued at 98.996% of par and are expected to close on January 12, 2026.
• The company intends to use the net proceeds, approximately $393.0 million, together with cash on hand and borrowings under its revolving credit facility, to redeem all outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027 on or before January 21, 2026.

• Calumet, Inc. priced a private placement of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031.
• The offering was upsized from an original size of $350 million and is expected to close on January 12, 2026.
• Calumet intends to use the net proceeds to redeem its outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027.

• Calumet announced a $350 million private placement of senior unsecured notes due 2031 to redeem all outstanding 11.00% Senior Notes due 2026 and $275 million of outstanding 8.125% Senior Notes due 2027.
• The company reduced Restricted Group indebtedness by $220.0 million in 2025 and expects $100 million in company-wide cost reductions for 2025.
• A proposed Replacement Credit Facility of up to $500.0 million is currently in process.
• The MaxSAF™ 150 expansion at the Montana Renewables facility is expected to deliver 120 to 150 million gallons of annualized sustainable aviation fuel (SAF) production by the second quarter of 2026.

• Calumet's wholly owned subsidiaries intend to offer $350 million in aggregate principal amount of senior unsecured notes due 2031 through a private placement.
• The net proceeds from this offering, along with cash on hand and borrowings, will be used to redeem all outstanding 11.00% Senior Notes due 2026 and $275 million aggregate principal amount of the outstanding 8.125% Senior Notes due 2027.
• The redemptions are conditional upon the completion of an offering of at least $325 million aggregate principal amount of the Issuers' senior debt securities.
• The redemption dates for the 2026 Notes and 2027 Notes are January 21, 2026, and January 16, 2026, respectively.

• Calumet, Inc. expects a preliminary net loss between $69.0 million and $12.0 million and Adjusted EBITDA with Tax Attributes between $285.0 million and $305.0 million for the fiscal year ended December 31, 2025.
• The company reduced restricted debt by more than $220 million in 2025, driven by $70 million of structural annual cost improvements, $20 million of cost efficiencies, and an accretive $110 million divestiture of the Royal Purple Industrial business.
• Montana Renewables completed a U.S. Department of Energy loan, which eliminated approximately $80 million of annual cash debt service, and monetized over $90 million of producer tax credits during 2025.
• As of December 31, 2025, Calumet reported total liquidity of approximately $447 million.

• Calumet, Inc. announced preliminary financial results for the year ended December 31, 2025, expecting a net loss between $69.0 million and $12.0 million and Adjusted EBITDA with Tax Attributes between $285.0 million and $305.0 million.
• The company reduced restricted debt by more than $220 million in 2025, driven by over $70 million in structural annual cost improvements, approximately $20 million in crude supply chain efficiencies, and an accretive $110 million divestiture of the Royal Purple Industrial business.
• As of December 31, 2025, Calumet reported total liquidity of approximately $447 million, which included approximately $250 million in the Restricted Subsidiaries Group.
• Montana Renewables successfully completed the first U.S. Department of Energy loan, eliminating approximately $80 million of annual cash debt service, and monetized over $90 million of producer tax credits during 2025.

• Calumet generated $92.5 million of adjusted EBITDA with tax attributes in the third quarter of 2025.
• The Specialty Products and Solutions segment generated $80.2 million of adjusted EBITDA in Q3 2025, with sales volumes exceeding 20,000 barrels per day at margins above $60 per barrel.
• The company reduced its outstanding balance sheet RIN obligation by over $320 million and successfully monetized its first $25 million PTC sale in Q3 2025, with an additional $15 million sold in October.
• The max SAF expansion remains on schedule for the first half of 2026, with a test run confirming the ability to generate 120-150 million annual gallons of SAF and approximately 100 million gallons of post-expansion volumes already placed through contracts.
• Operating costs were reduced by $24 million compared to Q3 last year, contributing to a $60 million year-to-date reduction.

Calumet, Inc. reported its results for the third quarter ended September 30, 2025, with key financial metrics as follows:

• The company achieved $61 million of year-over-year operating cost savings through the first nine months of 2025.
• Montana Renewables remains on track to achieve 120–150 million gallons of annualized SAF production by Q2 2026, with approximately 100 million gallons of SAF fully committed or deep into contracting.
• Calumet announced a decision to restatethe unaudited interim consolidated financial statements for Q1 and Q2 2025 due to misclassification of cash flows, which is expected to result in an upward adjustment of approximately $80 million to operating cash flows.

• Calumet reported net income of $313.4 million and basic income per common share of $3.61 for the third quarter ended September 30, 2025.
• Adjusted EBITDA with Tax Attributes was $92.5 million for the third quarter of 2025 and $224.0 million for the first nine months of 2025.
• Company-wide cost reduction initiatives generated $61 million in year-over-year operating cost savings through the first nine months of 2025.
• Montana Renewables is on track to achieve 120–150 million gallons of annualized SAF production by the second quarter of 2026, with approximately 100 million gallons of SAF fully committed or deep in contracting.
• The Specialty Products & Solutions segment achieved record production and strong margins.

• Montana Renewables (MRL), an unrestricted subsidiary of Calumet, Inc., in collaboration with Calumet Montana Refining (CMR), has commissioned onsite blending and shipping facilities.
• MRL will offer a nominal 50/50 blend of renewable and fossil jet fuel, certified under ASTM D7566 and ASTM D1655 specifications.
• This MaxSAF™ blended fuel is drop-in compatible and will initially be distributed through AEG Fuels' network to select aviation hubs in Montana, Washington, and Oregon.
• MRL is one of only three Sustainable Aviation Fuel (SAF) producers operating at commercial scale in North America.