November 23, 2021
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (Calumet) announced a series of strategic transactions in connection with its Renewable Diesel business. The transactions establish Montana Renewables, LLC (MRL) as an unrestricted pure-play renewables subsidiary of Calumet. In connection with such transactions, MRL has closed on a US$300 million convertible debt investment from funds managed by Oaktree Capital Management, L.P. (Oaktree).
Latham & Watkins LLP represented Oaktree Capital in the transaction with a corporate team led by Los Angeles partner Tana Ryan and Chicago partner Nathan Davis with associate Sarah Loiselle and a finance team led by Los Angeles partners Jeff Greenberg and Greg Robins with associates Annelise Karreman and Deborah Ogali. Advice was also provided on certain restructuring matters by Los Angeles partner Ted Dillman; on tax matters by Houston partners Tim Fenn and Bryant Lee with associate Dominick Constantino; on environmental matters by Houston partner Joel Mack with associate Ben Einhouse; on real estate matters by San Diego partner Robert Frances with associate Achraf Farraj; on compensation and benefits matters by Chicago partner Nineveh Alkhas with associate Laura Waller; and on commercial and industry matters by Houston partners Jonathan Castelan and Thomas Brandt with associate Sam Bentley.