Press Release

Ballard Spahr Advises Zions Bank in Syndicated Loan to NewCold Supporting in Excess of $100 Million Investment

August 23, 2018

A team of Ballard Spahr attorneys led by Partner Darin Lowder and Associate Annie Tsai advised Zions Bank in its syndicated loan to NewCold Advanced Cold Logistics for construction of a highly automated cold storage facility for frozen food products, located in Burley, Idaho.

Zions Bank served as lender, administrative agent, and co-lead arranger for the transaction. NewCold's 180,000-square-foot, state-of-the-art freezer will be one of the largest frozen storage facilities of its kind in the United States. It will bring about 75 jobs to Burley.

Headquartered in Salt Lake City, Utah, Zions Bancorporation is one of the nation's premier financial services companies, with total assets exceeding $65 billion. NewCold is a deep-frozen storage and logistics company based in the Netherlands.

Mr. Lowder, based in Ballard Spahr's Washington, D.C., office, focuses on energy, project finance, project development, and related tax and public financing tools. He has represented lenders and developers in energy projects across the country.

Ms. Tsai, from the firm's Los Angeles office, focuses her practice on energy finance, advising clients on the development, acquisition, and financing of renewable energy projects.

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