Montana Renewables, a subsidiary of Calumet Specialty Products, has appointed Citigroup to serve as lead underwriter in the proposed offering of $250m of tax-exempt bonds to be issued by Cascade County, Montana, according to a news release.
Montana Renewables produces SAF, green hydrogen, renewable diesel and renewable naphtha from solid waste and other feedstocks. The bonds are expected to be issued in the first quarter of 2023.
“We thank Cascade County and the State of Montana for making their $250 million municipal bond capacity available,” said Bruce Fleming, EVP Montana Renewables and Corporate Development, said in the release. “We look forward to completing this bond issuance and expect it to be an upgrade to MRL’s cost of capital.”
Great Falls is the county seat of Cascade County, where Calumet recently completed an expansion of its oil refinery to produce SAF. In December Montana Renewables acquired the second reactor needed to expand the scope of its SAF production, according to a company update.
Late last year it was reported that Calumet was working with Lazard as it evaluates investment inquiries from strategics interested in the SAF business.
