By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – Fulcrum BioEnergy, Inc. announced the Indiana Finance Authority’s issuance of $375 million of environmental improvement revenue bonds through Fulcrum's wholly owned subsidiary Fulcrum Centerpoint, LLC, according to a news release.
The bonds are subject to a mandatory tender for purchase on Nov. 15, 2022.
Fulcrum expects to refinance the bonds on or before the mandatory tender date.
The transaction was led by Morgan Stanley and Goldman Sachs & Co. LLC.
"We are pleased to take this next step in accelerating our growth trajectory with this financing," said Fulcrum's president and chief executive officer Eric Pryor in the release. "Fulcrum was awarded $500 million in volume cap by the Indiana Finance Authority to help fund a portion of the Centerpoint BioFuels Plant, the company's second waste to zero-carbon fuels project. This interim financing provides the company with ample time in 2022 to finalize engineering and obtain the necessary permits and authorizations to launch our next zero-carbon project."
The bonds are not a debt, liability or obligation of the Indiana Finance Authority or the state of Indiana but will bear interest at a tax-exempt rate as a result of the volume cap award.
The Centerpoint BioFuels Plant will be in Gary, Ind., with waste feedstock from the greater Chicago and northern Indiana areas.
Construction is targeted to begin in 2023.
Based in Pleasanton, Calif., Fulcrum develops processes for transforming waste into zero-carbon transportation fuels including sustainable aviation fuel and diesel.
| Issuer: | Fulcrum Centerpoint, LLC
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| Issue: | Environmental improvement revenue bonds
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| Amount: | $375 million
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| Redemption: | Subject to mandatory tender on Nov. 15, 2022
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| Announcement date: | Dec. 20
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