CMC - Commercial Metals announces pricing of tax-exempt bond financing

Commercial Metals (NYSE:CMC) announced the pricing of $145.1M in original aggregate principal amount of Exempt Facilities Revenue Bonds Series 2022 to be issued by the Industrial Development Authority of the County of Maricopa (MCIDA). The bonds were priced to yield 3.5% and the sale of the bonds is expected to provide proceeds of $150M. CMC intends to borrow proceeds from the sale of the bonds from the MCIDA pursuant to a loan agreement and finance a portion of the costs of the construction of CMC's second steel micro mill in Mesa, Arizona. The bonds will bear interest at 4% per annum and mature in 2047.

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Commercial Metals announces pricing of tax-exempt bond financing