Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Q2 2023 Earnings Call Transcript

Bruce Fleming: Gregg, it’s Bruce. That’s — the timing is going to be up to them, but I’ll tell you that we announced we were admitted into the second part of their application process. The diligence is going well. We have a weekly standing meeting, and the step in front of us would be the conditional loan commitment. That could really come at any time. Again, that’s their business and their workload, but we’re optimistic that we will have that cornerstone of our strategic balance sheet planning in place this year.

Gregg Brody: That’s helpful. And then just my last one. When you raised the bond deal in June, you talked about a tendering for bonds and actually redeeming the rest to at some point. Curious how you’re thinking about that? Is that something we should expect near term? Or are you preserving some optionality there as you think about cash for other uses right now?

Louis Borgmann: Yes. No, we were actually surprised more didn’t come through during the tender. And we’ll go ahead and move forward, like we said, and call those bonds here in the near future. That’s fully the plan.

Operator: And this will conclude our question-and-answer session. I’d like to turn the conference back over to Brad McMurray for any closing remarks.

Brad McMurray: Yes. Thanks, Joe. On behalf of the management team here in the room and all of us here at Calumet, we appreciate your time and interest in joining the call this morning. So thank you for your ongoing interest in Calumet. And with that, have a great weekend, everybody.

Operator: The conference has now concluded. Thank you very much for attending today’s presentation. You may now disconnect your lines.