PFA Public Finance Authority

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PFA Closes $68 MM Financing for New NGC, Inc., d/b/a National Gypsum Company

The Public Finance Authority (PFA) has provided $68 million to refund existing exempt facility revenue bonds.

The National Gypsum Company (the "Borrower" or "Company") will use the proceeds to refinance Series 2005 bonds that were used to acquire, construct and equip a solid waste disposal facility located in Mount Holly, North Carolina (the "Project"). The Mount Holly facility uses by product gypsum recycled from electric power plants to manufacture wallboard.

The Borrower is one of the largest gypsum wallboard producers in the world. Headquartered in Charlotte, North Carolina, the Company is a full-line supplier recognized in the industry for customer service and product quality. Gypsum wallboard is the Company's primary product, and the Company is the second largest producer in the United States. The Company has 17 operating gypsum wallboard plant locations strategically located near metropolitan areas.

PFA partnered with Ballard Spahr LLP and Morgan Stanley & Co. to provide lower interest financing to the National Gypsum Company in order to enhance the Company's financial position and further secure the operations of the Mount Holly plant.