CMC to Opportunistically Raise $150M Tax-Exempt Bond Financing to Partially fund Steel WV Mill Project

Core Viewpoint - Commercial Metals Company (CMC) is initiating a proposed tax-exempt bond financing of $150.0 million to fund the acquisition and construction of solid waste disposal facilities in Berkeley County, West Virginia, with an expected total investment of $550.0 million to $600.0 million, net of government assistance [1]. Group 1: Financing Details - The West Virginia Economic Development Authority (WVEDA) has authorized the issuance of Solid Waste Disposal Facility Revenue Bonds, Series 2025, to finance the project [1]. - The proceeds from the bond sale will be loaned to CMC under a loan agreement, with CMC's obligations being senior unsecured obligations [1]. - The project is expected to qualify for a net tax credit of approximately $80.0 million under the Inflation Reduction Act [1]. Group 2: Company Overview - CMC is positioned as an innovative solutions provider focused on building a stronger, safer, and more sustainable world, primarily serving the global construction sector [4]. - The company operates an extensive manufacturing network in the United States and Central Europe, offering products and technologies for various construction applications [4].