Calumet Plans to Access Municipal Bond Market

INDIANAPOLIS, Feb. 27, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") announced today that its unrestricted subsidiary Montana Renewables, LLC ("Montana Renewables") has appointed Citigroup Global Markets Inc. to serve as lead underwriter in the proposed offering of $250 million* of tax-exempt bonds (the "Bonds") to be issued by Cascade County, Montana.  Montana Renewables is engaged in the production of SAF, Renewable Hydrogen, Renewable Diesel and Renewable Naphtha from qualifying solid waste and other feedstocks.  The Bonds are expected to be issued in the first quarter of 2023. 

"We thank Cascade County and the State of Montana for making their $250 million municipal bond capacity available," said Bruce Fleming, EVP Montana Renewables and Corporate Development. "We look forward to completing this bond issuance and expect it to be an upgrade to MRL's cost of capital."

This is not an offer to sell or a solicitation of an offer to buy bonds. Bonds may only be purchased through a broker.  Any such solicitation will only be made pursuant to an official statement. Prospective investors are encouraged to carefully review the preliminary official statement describing the Bonds.

*Preliminary, subject to change in price and/or availability, when, as and if issued.

About Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. (NASDAQ:  CLMT) manufacturers, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements." The words "expect," "continue," "should," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.

For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC.

SOURCE Calumet Specialty Products Partners, L.P.