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  • Writer's pictureRon Kotrba

Montana Renewables appoints Citigroup lead underwriter in bond offering from Cascade County

Calumet Specialty Products Partners LP announced Feb. 27 that its unrestricted subsidiary Montana Renewables LLC has appointed Citigroup Global Markets Inc. to serve as lead underwriter in the proposed offering of $250 million* in tax-exempt bonds to be issued by Cascade County, Montana.

Montana Renewables is engaged in the production of sustainable aviation fuel (SAF), renewable hydrogen, renewable diesel and renewable naphtha “from qualifying solid waste and other feedstocks,” Calumet stated.

The bonds are expected to be issued in the first quarter of this year.

“We thank Cascade County and the state of Montana for making their $250 million municipal-bond capacity available,” said Bruce Fleming, executive vice president of Montana Renewables and corporate development. “We look forward to completing this bond issuance and expect it to be an upgrade to Montana Renewables’ cost of capital.”

In early December, Biobased Diesel Daily reported that the board of commissioners for Cascade County, Montana, where Great Falls is the county seat, approved a proposal Nov. 30 to issue its solid waste disposal and sewage facility revenue bonds up to $275 million to Montana Renewables.

Montana Renewables began renewable diesel production at its partially converted refinery in November.

*Preliminary, subject to change in price and/or availability, when, as and if issued.

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