Calumet Specialty Products Partners ( NASDAQ: CLMT ) +16.5% pre-market on Friday after announcing that Warburg Pincus agreed to invest $250M in the company's Montana Renewables subsidiary.
Calumet ( CLMT ) said the investment through a participating preferred equity security values Montana Renewables at a pre-commissioning enterprise value of $2.25B.
Calumet ( CLMT ) also said Stonebriar Commercial Finance has invested an additional $350M through a pair of sale and leaseback contracts on top of its existing $50M commitment to MRL.
When fully operational, Montana Renewables will use waste feedstocks to produce low-emission alternatives that replace fossil fuel products.
Calumet ( CLMT ) is "set to report more than stellar earnings with cash flow from operations above $100M," Patient Tech Investor writes in a bullish analysis posted on Seeking Alpha .
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Calumet shares soar as Warburg Pincus pledges $250M investment