Calumet, Inc · NASDAQ:CLMT
Calumet — Corporate Update (October 2024)
8 slides from Calumet's corporate update, Oct 22, 2024
Slide 1: Montana Renewables Awarded DOE Conditional Loan Commitment
Montana Renewables Awarded DOE Conditional Loan Commitment October 22, 2024 Exhibit 99.2
Slide 2: Forward looking statements / safe harbor
Forward looking statements / safe harbor This presentation has been prepared by Montana Renewables, LLC (“MRL”, “we”, “our” or like terms) as of October 22, 2024.This presentation has been prepared for information purposes and convenient reference only and is not intended to be complete. The informa
Slide 3: Strategic vision MaxSAF
Strategic vision MaxSAFTM Montana Renewables, Inc (“MRL”) expects to execute a sequence of discrete individual projects, including: a second renewable fuels reactor (allowing approximately half of the 300 million gallon SAF capability to be online by 2026); debottlenecking of the existing renewable
Slide 4: Conditional commitment approved 10/16/24
Conditional commitment approved 10/16/24 Up to $1.44 billion conditional commitment DOE to be loan guarantor and senior secured lender Flexibility to add a 3rd party loan ranked pari passu Funds provided by Federal Financing Bank Approved under Title XVII Section 1706 Target deliverables 4Q 2024—1Q
Slide 5: Uses of Tranche 1 and conditions precedent
Tranche 1 Uses of Tranche 1 DOE loan guarantee proceeds Funds MRL eligible expenses incurred to date Consolidates collateral for DOE senior secured lender Replaces all existing 3rd party lenders (existing servicing costs decline by $79MM/yr.) Conditions precedent to Tranche 1 closing While this cond
Slide 6: Pro forma Capital Structure after tranche
Pro forma Capital Structure after tranche 1 Montana Renewables Holdings LLC (Pledgor) Montana Renewables, LLC (DE) (Borrower) Montana Renewables Inc Calumet Montana Refining, LLC WPGG 14 United Aggregator, L.P. ~ 0.1% ~ 14.2% ~ 85.7% 100% Total DOE Financing up to $1.44 billion committed facilities
Slide 7: MaxSAF and tranche funding
MaxSAFtm and tranche 2 funding MaxSAFTM includes a series of discrete, modular projects to enhance MRL capability and reduce emissions A. Increase SAF capacity to ~150mm gallons/year within ~2 years First step is to install the previously-acquired second reactor Early estimate capex of $150-250MM B.
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