Eldridge Diversified Credit, the private, liquid and asset-based credit investment strategy of Eldridge Capital Management, renewed and upsized its Shreveport, LA terminal lease facility with Calumet. This transaction increases the assigned value of the subject terminal assets to $120 million and provides $80 million of net proceeds to Calumet to be used to reduce the company’s outstanding 11.00% senior notes due 2026.
“Over the last five years via Stonebriar Commercial Finance, an Eldridge affiliate, we have deployed over $650 million to Calumet and affiliates across a diverse set of asset classes and end markets,” Nicholas Sandler, co-president of Eldridge Capital Management and co-head of Diversified Credit, said. “This creative lease facility unlocks substantial value at Calumet’s Shreveport fuels terminal and underscores Eldridge’s asset-based credit and equipment finance capabilities. Our tailored, large-ticket capital solutions help management teams execute their business plans while successfully managing their balance sheets.”
“The Eldridge team continues to be a valued partner to Calumet,” Todd Borgmann, CEO of Calumet, said. “The substantial value increase recognized through this transaction is a result of our Shreveport team’s relentless focus on improving the reliability and throughput of our facility, and we look forward to continuing to build upon the operational progress made at this important site.”
