Press Release

Ballard Spahr Advises Underwriters in $330M Metal Recycling Mill Bond Financing

August 9, 2023

Ballard Spahr served as underwriter’s counsel to Goldman Sachs & Co. LLC as representative for itself, Truist Securities, Inc., and Crews & Associates, Inc., as underwriters of $330 million in Arkansas Development Finance Authority (ADFA) revenue bonds for Hybar LLC's scrap metal-to-rebar mini-mill recycling facility in Osceola, Arkansas.

The mill, which is expected to take 22 months to construct, is being built in northeast Arkansas on a 1,300-acre greenfield site with direct access to barge, rail, and truck transportation options. The mill will produce a full complement of high-yielding rebar that will primarily be used in large infrastructure projects, including projects supported by the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

Hybar designated the bonds as “green bonds,” with Kestrel Verifiers providing an independent external review and opinion that the bonds conform to the international Climate Bonds Standard (Version 4.0).

For more information, see the Hybar press release.

The multidepartment Ballard Spahr team that advised the Underwriters includes lawyers from the firm’s Finance, Litigation, and Real Estate departments, based in several of the firm’s offices across the country. The team was headed by Project Finance Group Co-Leader Randall J. Towers and Kimberly D. Magrini, and included Charles S. Henck, Michael A. Charlebois, Michael C. Kersten, Ben Vernon, Brian R. Peltier, Lorene L. Boudreau, and John Hegarty.

For media inquiries, please contact Bill Shralow at 215.864.8195.

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