North Carolina Issued $250M In Bonds for Titanium Plant

Dow Jones

Dec 11, 2024

By Patrick Sheridan

North Carolina issued $250 million in municipal bonds to partly finance the construction and installation of a titanium reprocessing facility in Cumberland County, North Carolina.

The Cumberland County Industrial Facilities and Pollution Control Financing Authority Solid Waste Disposal Revenue (Project Aero), Series 2024 bonds have a maturity date of Dec. 1, 2027, according to the official statement Tuesday on MuniOS.

Prior to the initial mandatory tender date, the Series 2024 bonds will bear interest of 3.75%. The bonds will be payable on the tender date from government securities together with the interest income held in an escrow fund to the extent that remarketing proceeds are not sufficient to pay such amounts.

The proceeds of the tax-exempt bonds will be used by American Titanium Metal, LLC, to develop a fully integrated titanium mill and processing center to deliver titanium plate and sheeting that will support the U.S. aerospace, biomedical, power generation and desalinization industries.

Interest on the Series 2024 bonds will be payable each June 1 and Dec. 1, commencing in 2025.

The bonds have been rated as Aaa/VMIG-1 by Moody's Ratings.

Oppenheimer & Co. is the underwriter of the offering.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

December 10, 2024 13:00 ET (18:00 GMT)

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