BioNitrogen Plant FL Taylor, LLC, a wholly-owned subsidiary of BioNitrogen Holdings Corp., a cleantech company that utilizes patented technology to build environmentally-friendly plants that convert biomass into urea fertilizer, announced that it has been awarded $300 million of private activity bond volume cap allocation to issue tax-exempt bonds for the acquisition, development and construction of the plant in Taylor County, Fla.
The $300 million allocation represents the second $300 million bond issue that BioNitrogen has received approval on from the Florida Division of Bond Finance, bringing the total in Florida to $600 million and the US total to $1.9 billion in issues. Stifel Nicolaus is the underwriter for the Taylor County and other BioNitrogen bonds. Jones Walker LLP, serves as bond counsel to both the Taylor County Development Authority and the Hendry County Industrial Development Authority and was instrumental in securing this volume cap allocation.
With this award, the Taylor County Development Authority can proceed to closing the tax-free bond for the plant, which is expected to occur in the first part of 2015.
"This allocation from the State of Florida moves us one step closer to funding and building our plant in Taylor County, Florida," said Bryan Kornegay, Jr., director of BioNitrogen. "This is another important step in our progress to initiate plant construction."
"We are advancing with the site work so that we are ready for the bond closing and EPC early next year," said Ernie Iznaga, VP of Operations for BioNitrogen. "This is an important milestone for us, the city of Perry and Taylor County."