We will explore the effect on Calumet Specialty Chemicals (CLMT) from the recently announced credit line expansion and bond repurchase. In a recent news release, Calumet "announced that it has successfully amended the terms of its existing asset-based loan facility (the "ABL" or "the facility") to increase the borrowing base on the facility by approximately $100 million. The company may draw on this increased ABL capacity solely to fund a portion of the redemption of all of the outstanding 6.50% Senior Notes due 2021, with the remainder of the 2021 Notes being redeemed