By Stephen Nakrosis
The West Virginia Economic Development Authority is offering $150 million in revenue bonds, with proceeds slated to finance a steel micro mill which will use recycled materials to produce rebar.
Proceeds from the Solid Waste Disposal Facilities Revenue Bonds Series 2025 will be loaned to Commercial Metals, according to documents posted Friday on MuniOS. That money will then be used to finance portions of the cost of design, acquisition, construction and equipping of the mill in Berkeley County, W.Va.
The bonds have a pricing date of May 6 and a closing date of May 15.
Project costs are expected to total between $550 million and $600 million, net of $75 million in government assistance, according to a roadshow document on MuniOS.
The bonds will be secured by loan payments from the borrower. There are no guarantors of the bonds or of the loan agreement.
Moody's rated the securities of Ba2, S&P Global Ratings and Fitch Ratings have assigned the debt a rating of BB+.
Wells Fargo Securities and Truist Securities are listed as the offering's lead manager.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 25, 2025 18:44 ET (22:44 GMT)
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