CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT) Files An 8-K Termination of a Material Definitive Agreement

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.

As previously disclosed in its Form 10-Q for the quarter ended March 31, 2020, Calumet Specialty Products Partners, L.P. (the “Company”) received several loans to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act, as administered by the U.S. Small Business Administration. The loans were in the aggregate principal amount of $31.4 million (the “PPP Loans”) to promissory notes issued by the Company. Although the Company believes in good faith it qualified for the PPP Loans under then-available regulations, as a result of subsequently-issued guidance, particularly with respect to publicly traded companies receiving funding under the PPP, the Company voluntarily repaid the PPP Loans in full on May 18, 2020.
As of April 30, 2020, and after giving effect to the repayment of the PPP Loans, the Company had total liquidity of approximately $211 million, comprised of approximately $80 million of cash on hand and approximately $131 million of availability under its revolving credit facility.
About CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (NASDAQ:CLMT)

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Calumet Specialty Products Partners, L.P. is a producer of specialty hydrocarbon products. The Company operates through three segments. In its specialty products segment, the Company processes crude oil and other feedstocks into a range of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes. Its specialty products are sold to domestic and international customers using its products as raw material components. It also blends and market specialty products through its Royal Purple, Bel-Ray, TruFuel and Quantum brands. In its fuel products segment, the Company processes crude oil into a range of fuel and fuel-related products, including gasoline, diesel, jet fuel, asphalt and heavy fuel oils, and resells purchased crude oil to third-party customers. Its oilfield services segment manufactures and markets products and provides oilfield services, including drilling fluids, completion fluids and solids control services to the oil and gas exploration industry.

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