By Patrick Sheridan
The New Jersey Economic Development Authority is selling $300 million in tax-exempt bonds for development of projects at Repauno Port & Rail terminal on the Delaware River.
The authority will offer two Series 2025 Repauno Port & Rail Terminal Project term bonds. Maturity and pricing weren't available as per the preliminary limited offering memorandum posted Wednesday on MuniOS.
Interest on the bonds will be payable on Jan. 1 and July 1, commencing on July 1, 2025.
The bonds are special, limited obligations of the issuer and payable solely from the trust estate, including payments to be made by the company under the Issuer Lease Agreement.
Proceeds will be used to build two new loading arms and related facilities at the Repauno Terminal dock in Greenwich, N.J., according to the memorandum.
Monies will also be used for a new above-ground cryogenic tank and related infrastructure for storing bulk liquid products such as propane, butane and ammonia. The new tank will make the facility capable of handling 788,000 barrels of storage for natural gas liquids and renewable fuels.
The Repauno facility functions as a link between major North American liquefied petroleum gas production basins and end-market consumers, domestically and internationally, to enable handling storage and trans-loading of a variety of LPG and other hydrocarbon products, according to the memorandum.
The terminal also boasts a deepwater dock that has a 40-foot draft capable of handling very large gas carrier (VLGC) sized tanker vessels. The facility includes a rail system consisting of a double railcar loading and unloading rack and six tracks with storage for 20 railcars.
The U.S. shale boom has significantly changed the NGL landscape, turning the U.S. into a net exporter of LPG after decades of importing NGL products. In December 2023, U.S. propane exports hit an all-time record of 1.9 million barrels a day, according to the roadshow document accompanying the memorandum.
The bonds are not rated.
Morgan Stanley & Co. and Jefferies LLC are the underwriters.
Write to Patrick Sheridan at patrick.sheridan@wsj.com
(END) Dow Jones Newswires
May 01, 2025 12:41 ET (16:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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