INDIANAPOLIS, Aug. 14, 2012 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. ("Calumet") (NASDAQ: CLMT) announced today that it has signed a definitive agreement to acquire Montana Refining Company, Inc. ("Montana Refining") for aggregate consideration of $120 million, plus an amount for working capital, including inventory and accounts receivable, to be determined at closing (the "Montana Refining Acquisition"). Closing of the transaction is expected to occur in the fourth quarter, subject to customary closing conditions and regulatory approval. Montana Refining owns and operates a refinery in Great Falls, Montana (the "Refinery"). The Refinery produces gasoline, middle distillates and asphalt which Montana Refining markets primarily into local markets in Washington, Montana, Idaho and Alberta, Canada. Highlights of the Refinery include:
Refinery crude oil throughput capacity of approximately 9,800 barrels per day;
Refinery complexity rating of 9.3; and
Crude oil feedstocks sourced primarily from Canada.
"Calumet is pleased to add the Montana refinery to our portfolio of niche assets. This acquisition further develops our long term strategy of diversifying our crude slate and geographic presence. We expect this acquisition to be immediately accretive to our distributable cash flow. We are pleased with this acquisition and continue to actively look for additional growth opportunities," said Calumet's Vice Chairman and Chief Executive Officer Bill Grube. Calumet intends to finance the Montana Refining Acquisition through a combination of cash on hand and borrowings under its senior secured revolving credit facility. Calumet's obligation to consummate the Montana Refining Acquisition is not conditioned upon the receipt of financing. Evercore Partners is acting as financial advisor to Calumet. Latham & Watkins LLP is acting as legal counsel to Calumet.