Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Long-Term Debt.

Summary of long-term debt

Long-term debt consisted of the following (in millions):

	March 31,		December 31,
	2025		2024
Borrowings under amended and restated senior secured revolving credit agreement with third-party lenders, interest payments quarterly, borrowings due January 2027, weighted average interest rates of 6.7% and 7.5% for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.	$	53.8	$	286.6
Borrowings under amended secured MRL revolving credit agreement with third-party lender, interest payments quarterly, borrowings due November 2027, weighted average interest rate of 6.4% and 7.3% for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.		—		—
Borrowings under the 2026 Notes, interest at a fixed rate of 11.0%, interest payments semiannually, borrowings due July 2026, effective interest rate of 11.1% for the three months ended March 31, 2025 and the year ended December 31, 2024.		354.4		354.4
Borrowings under the 2027 Notes, interest at a fixed rate of 8.125%, interest payments semiannually, borrowings due July 2027, effective interest rate of 8.3% for the three months ended March 31, 2025 and the year ended December 31, 2024.		325.0		325.0
Borrowings under the 2028 Notes, interest at a fixed rate of 9.75%, interest payments semiannually, borrowings due July 2028, effective interest rate of 10.2% for the three months ended March 31, 2025 and the year ended December 31, 2024.		325.0		325.0
Borrowings under the 2028 Mirror Issuance Notes, interest at a fixed rate of 9.75%, interest payments semiannually, borrowings due July 2028, effective interest rate of 11.3% for the three months ended March 31, 2025.		100.0		—
Borrowings under the 2029 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2029, effective interest rate of 9.4% for the three months ended March 31, 2025 and the year ended December 31, 2024.		200.0		200.0
Borrowings under the DOE Loan		786.1		—
MRL Term Loan Credit Agreement		—		73.7
Shreveport terminal asset financing arrangement		40.0		42.1
Montana terminal asset financing arrangement		27.8		30.4
Montana refinery asset financing arrangement		147.5		108.7
MRL asset financing arrangements		—		368.1
Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028		2.6		2.9
Less unamortized debt issuance costs (2)		(34.0)		(14.4)
Less unamortized discounts		(2.1)		(2.3)
Total debt	$	2,326.1	$	2,100.2
Less current portion of long-term debt		23.9		35.5
Total long-term debt	$	2,302.2	$	2,064.7

(1) Deferred debt issuance costs are being amortized by the effective interest rate method over the lives of the related debt instruments. These amounts are net of accumulated amortization of $32.8 million and $31.6 million at March 31, 2025 and December 31, 2024, respectively.

Summary of principal payments on debt obligations and future minimum rentals on finance lease obligations

As of March 31, 2025, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions):

Year	Maturity
2025	$	16.6
2026		386.5
2027		421.7
2028		435.2
2029		211.1
Thereafter		891.1
Total	$	2,362.2