Calumet Specialty Products acquires Montana Refining

Calumet Specialty Products Partners, L.P. (“Calumet”) announced that it had completed the acquisition of Montana Refining Company, Inc. on October 1, 2012, for US$120 million. The acquisition also included estimated closing date working capital, which could reach approximately US$201 million, subject to customary purchase price adjustments.
Montana Refining owns and operates a refinery in Great Falls, Montana, U.S.A. The refinery has a crude oil throughput capacity of approximately 9,800 barrels per day. The refinery produces gasoline, middle distillates and asphalt, which the company markets primarily into local markets in Washington, Montana, Idaho and Alberta, Canada. The acquisition was primarily funded with cash on hand, and the balance paid through borrowings under Calumet’s senior secured revolving credit facility. (October 1, 2012)