Calumet gets $550 million amended, restated five-year revolver

By Angela McDaniels

Tacoma, Wash., June 30 - Calumet Specialty Products Partners, LP and its subsidiaries entered into an amended and restated $550 million senior secured revolving credit facility on June 24, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures on June 24, 2016.

The initial interest rate is Libor plus 250 basis points. The margin ranges from 225 bps to 275 bps based on the company's average availability.

The commitment fee is either 37.5 bps if utilization is 50% or more or 50 bps if utilization is less than 50%.

There is a $300 million accordion feature.

The revolver is subject to borrowing base restrictions and has a letter-of-credit sublimit equal to the greater of $400 million and 80% of the commitments.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Capital Finance, LLC are the lead arrangers and bookrunners. Bank of America, NA is the agent. JPMorgan Chase Bank, NA and Wells Fargo Capital Finance, LLC are the syndication agents. PNC Bank, NA and Suntrust Bank are the documentation agents.

Calumet is an Indianapolis-based producer and seller of specialty hydrocarbon products.

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