Eldridge Diversified Credit announced the renewal and upsizing of its Shreveport, LA terminal lease facility with Calumet, Inc. This transaction increases the assigned value of the subject terminal assets to $120 million.
The agreement provides $80 million of net proceeds to Calumet, which the company intends to use to reduce its outstanding 11.00% Senior Notes due 2026. This financial maneuver underscores Eldridge's continued partnership with Calumet, having deployed over $650 million to the company and its affiliates over the last five years.
Calumet's CEO, Todd Borgmann, highlighted that the substantial value increase recognized through this transaction is a direct result of the Shreveport team's relentless focus on improving the facility's reliability and throughput. This further supports Calumet's ongoing deleveraging strategy.
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