AAC East Using $13.5 Million In JEDA Financing for Marlboro Plant Expansion
Bennettsville, SC — Marlboro County
AAC East LLC is using $13.5 million in bond financing from the South Carolina Jobs-Economic Development Authority (JEDA) to complete and expand its autoclaved aerated concrete production facility in Bennettsville.
The financing includes $10 million in tax-exempt revenue bonds and a taxable issue of $3.5 million. Proceeds of the bonds will be used to purchase and install new equipment, retire an existing mortgage and for leasehold improvements. It is anticipated that the issue will result in the creation of 30 new jobs in the next 24 months.
— Charles Paterno, Managing Partner for Probitas Ventures, owner of AAC East
“Blending taxable and tax-exempt financing is a complicated venture, and we’re pleased that Probitas Ventures entrusted us to guide them through the process,” said Kathy McKinney, Bond Counsel at Haynsworth Sinkler Boyd, P.A., in Greenville.
“We’re excited to once again provide financing for entrepreneurs who invest in new manufacturing capacities resulting in the creation of new jobs in the Palmetto State. Private-public partnerships are critical to the continued economic development of the Pee Dee and across South Carolina,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.