Oaktree Transaction Overview & Montana Renewables Carveout
•
Transaction Steps and Simplified Organizational Structure
Status Quo and Transaction Steps
Calumet Specialty
Products Partners, L.P.
(NASDAQ: CLMT)
Pro Forma
Calumet Specialty
Products Partners, L.P.
(NASDAQ: CLMT)
Calumet Montana
Refining, LLC
Other Calumet
Subsidiaries
Hydrocracker and
supporting assets
•
$44 million
$300 million
previously spent
cash
capex
•
$101 million cash
$300
million
Montana
Renewables, LLC
("MRL")
cash
Oaktree
Calumet Montana
Refining, LLC
Other Calumet
Subsidiaries
100% common
equity interest and
Preferred Equity
interest
Notes: Reflects simplified organizational structures. MRL designated as an unrestricted subsidiary of Calumet.
© 2021 Calumet Specialty Products Partners, L.P. | 16
Montana
Renewables, LLC
("MRL")
Senior Secured
Convertible Term
Loan (Oaktree)
CALUMET
SPECIALTY PRODUCTS PARTNERS, LPView entire presentation