UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On July 3, 2024, Montana Renewables, LLC (“MRL”), an unrestricted, non-guarantor subsidiary of Calumet Specialty Products Partners, L.P. (the “Partnership”), and Montana Renewables Holdings LLC, the parent company of MRL and an unrestricted, non-guarantor subsidiary of the Partnership, entered into Amendment No. 1 and waiver (the “Amendment”) to the Credit Agreement, dated April 19, 2023 (as amended, the “Credit Agreement”), with ISQ Infrastructure Credit Fund U.S. Pooling, L.P. (“I Squared”) and Delaware Trust Company, as administrative agent (the “Administrative Agent”). Pursuant to the Amendment, I Squared and the Administrative Agent agreed to (i) waive MRL’s obligation to comply with the net total leverage ratio covenant under the Credit Agreement (the “Leverage Ratio Covenant”) for the quarter ended June 30, 2024 and (ii) amend the Leverage Ratio Covenant for the quarter ending September 30, 2024 to determine MRL’s compliance with the Leverage Ratio Covenant based on annualized EBITDA (as defined in the Credit Agreement) for such quarter rather than EBITDA for the 12-month period ending September 30, 2024.
The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the complete text of the Amendment, which will be filed as an exhibit to the Partnership’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2024.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. | ||||||
| By: | CALUMET GP, LLC, | |||||
| its General Partner | ||||||
| Date: July 5, 2024 | By: | /s/ Todd Borgmann | ||||
| Name: | Todd Borgmann | |||||
| Title: | Chief Executive Officer | |||||