Pratt raises US$200M in bonds to fund construction of recycled containerboard mill in Valparaiso, Indiana; the nearly 380,000 tonnes/year mill is slated to be onstream within two years, will supply Pratt's box plants across the US
November 25, 2013
– BONDS: Melbourne billionaire Anthony Pratt's company has raised $US200 million ($218m) to finance the construction of its fourth recycled paper mill in the US, a key plank of the group's plan to boost annual sales to $US2 billion.
The bonds, which were oversubscribed, were issued by the city of Valparaiso in Indiana, where the new facility will be built on a site next to one of the world's largest box-making plants. Pratt Industries said yesterday the mill was expected to be operational within two years and would produce almost 380,000 tonnes of recycled paper.
The paper will be consumed in Pratt Industries' box-making plants throughout the US.
Construction is due to begin in March. Pratt Industries is the fifth-biggest corrugated packaging manufacturer in the US.
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