08:57 AM EDT, 07/28/2025 (MT Newswires) -- Calumet (CLMT) said Monday that it has extended its Shreveport terminal asset financing arrangement with Stonebriar Commercial Finance, increasing the assigned value of the assets to $120 million.

The deal will provide Calumet with $80 million in proceeds, reflecting the difference between the new asset value and the remaining $40 million balance on the prior schedule, the company said.

The previous sale-leaseback agreement had valued the assets at $70 million, with repurchase date set for February 2027, the company said.

The new financing has a 10.75% cost of capital, and Calumet said it plans to use the net proceeds to reduce its outstanding 11% senior notes due 2026.

Additionally, Calumet said it has delivered a notice for the partial redemption of $80 million principal amount of its 2026 senior notes at par plus accrued interest, with the redemption date set for Aug. 12.

Calumet shares were down more than 1% in recent Monday premarket activity.