A team led by Margaret Comey (Cincinnati) represented PureCycle Technologies LLC in the financing of an Ohio waste polypropylene recycling plant. The project was financed with three series of exempt facility revenue bonds issued by an Ohio port authority in the aggregate amount of $250 million, together with equity contributions approximating $150 million, to fund the $400 million project. The plant utilizes an innovative recycling technology developed and patented by The Procter & Gamble Company and licensed to PureCycle, whereby waste polypropylene is restored to near ultra-pure recycled polypropylene for use in consumer packaged goods. PureCycle intends to build new production facilities globally, with the goal of having 30 commercial lines operational by 2030 and 50 by 2035, assisting multinational entities in meeting their sustainability goals and reducing overall polypropylene waste in the world’s landfills and oceans.
Additional assistance was provided by Todd Cooper (Cincinnati), Berne Kluber, Mark Miller and Rachel Fitzgerald (all of Houston), Barry Bendes, Andrew Otis and Straat Tenney (all of New York) and Dale Evans (West Palm Beach).
Posted on February 22, 2021