Public Hearing on Proposed Plan of Finance and Issuance of Bonds for Big River Steel LLC

AUG, 05 2020

Public Hearing on Proposed Plan of Finance and Issuance of Bonds for Big River Steel LLC

AUG 05, 2020
Big River Steel Administration Building

2027 East State Highway 198
Osceola, AR 72370

NOTICE OF PUBLIC HEARING ON PROPOSED PLAN OF FINANCE AND ISSUANCE OF REVENUE BONDS BY ARKANSAS DEVELOPMENT FINANCE AUTHORITY FOR THE BENEFIT OF BIG RIVER STEEL LLC

Notice is hereby given, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), as amended, and Act No. 852 of the Acts of Arkansas of 1987, that a public hearing will be conducted by a representative or representatives of the Arkansas Development Finance Authority (the “Authority”) with respect to the proposed issuance by the Authority of its industrial development revenue bonds in an aggregate principal amount not to exceed $600,000,000 (the “Bonds”), to be issued as part of a plan of finance in one or more series for Big River Steel LLC, or one of its affiliates (the “Company”).

The proceeds of the Bonds will be loaned to the Company and used to (a) finance or refinance, in part, the costs of acquisition, construction, installation and equipping of solid waste disposal facilities, within the meaning of Section 142(a)(6) of the Code, comprising all or portions of an approximately 700,000 square foot expansion of the existing flat-rolled steel mill and related facilities that manufacture, refine and process steel located on approximately 2,000 acres within Township 12 North, Range 11 East of the Osceola District of Mississippi County, with an address of 2027 East State Highway 198, Osceola, Arkansas (the “Project”), (b) finance or refinance, in whole or in part, the costs of acquisition, construction, installation and equipping of various facilities and infrastructure owned and operated by the Company at the same site as the Project, and (c) pay certain costs of issuing the Bonds. The Company will be the owner and operator of the Project.

The Bonds will be issued pursuant to Arkansas Code Annotated Sections 15-5-101 et seq., and a resolution to be adopted by the Board of Directors of the Authority and will be secured by and payable solely from certain revenues of the Company. The Bonds will not be secured by or payable from any revenues or property of the Authority, the State of Arkansas or any political subdivision thereof, and will not constitute an indebtedness of the Authority, the State of Arkansas or any political subdivision thereof within the meaning of any constitutional or statutory provision.

Any persons interested may express their views, either orally or in writing, on the proposed issuance of the Bonds before the representative or representatives of the Authority on Wednesday, August 5, 2020, at 10:00 a.m. in the lobby of the Company’s Administration Building at 2027 East State Highway 198, Osceola, Arkansas. At such hearing all objections and suggestions will be heard and considered.

Representatives of the Authority will conduct such hearing in compliance with Executive Orders issued by the Governor and Directives by the Secretary of Health in response to the declaration of and continuance of a public health and disaster emergency that are intended to prevent and mitigate the spread of COVID-19 within the State. Any supplemental information becoming available after the date of this publication with respect to the public hearing will be posted to the Authority’s public website found at https://adfa.arkansas.gov/.

July 26, 2020.

/s/ Bryan Scoggins
President,  Arkansas Development Finance Authority

SUPPLEMENTAL INFORMATION FOR PUBLIC HEARING ON PROPOSED PLAN OF FINANCE AND ISSUANCE OF REVENUE BONDS BY ARKANSAS DEVELOPMENT FINANCE AUTHORITY FOR THE BENEFIT OF BIG RIVER STEEL LLC