Calumet Specialty Products reports Q2 loss
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Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a second quarter net loss of $15.3 million, compared to a net loss of $78.4 million during the same period last year. Calumet also announced two capital markets transactions, concluding the capitalization of the Montana Renewables business.
The company says the investments are comprised of a $250 million preferred equity investment from Warburg Pincus and a $350 million sale leaseback investment from Stonebriar Commercial Finance.
“Today is a special day at Calumet as we announce a record financial quarter and a transformational equity investment that places a $2.25 billion enterprise value on Montana Renewables,” said Chief Executive Officer Todd Borgmann. “From here, we will continue to focus on our strategic vision of creating and separating two leading businesses and further de-leveraging Calumet’s balance sheet. These transactions highlight the transformative nature of Montana Renewables and bringing them to fruition in the current capital market environment demonstrates that MRL is one of the most highly sought after Renewable Diesel platforms in North America.”
Borgmann says Calumet’s second quarter results highlight the strength of the company’s highly integrated specialty business.
“Calumet has demonstrated the ability to perform across the range of business cycles,” said Borgmann. “We relied on our consumer-facing product lines to weather the depths of Covid, and we now have configured to deliver exceptional results through the commodity super-cycle.”
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