Oaktree Transaction Overview & Montana Renewables Carveout
Montana Renewables Carveout
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Accelerates corporate strategy
De-hybridize and de-lever Calumet
Creates independent Montana Renewables, LLC ("MRL")
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Wholly-owned, pure-play renewables unrestricted subsidiary
High multiple business and powerful growth platform
Capitalizes Montana Renewables
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$445 million total assets on opening balance sheet, 100% Calumet equity
Additional support pending
LOI on $50 million of financing for Renewable Hydrogen plant
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LOI on Supply and Offtake Agreement; finances Renewables feedstock purchases and inventory
Strategic outcome
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MRL positioned for independent valuation signal, potentially through the public markets
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$199 million net cash proceeds used to de-lever the consolidated balance sheet and for general purposes
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