Montana Renewables, LLC announced that it has received $401 million in funding from Oaktree Capital Management, L.P., Calumet Specialty Products Partners, L.P.

Montana Renewables, LLC announced that it has issued senior secured convertible term loan for gross proceeds of $300 million and $145 million in preferred equity investment on November 18, 2021. The transaction included participation from funds managed by new investor Oaktree Capital Management, L.P. for $300 million secured convertible term loan and Calumet Specialty Products Partners, L.P for $101 million preferred equity. The notes will mature after three years.

The company has received $145 million preferred equity investment by Calumet Specialty Products Partners, L.P, comprised of $44 million for Renewable Diesel project capital expenditures to date and $101 million cash.