Myriant wins $25 million USDA loan guarantee
Myriant Corp. closed a $25 million private bond placement in June for the construction of its flagship commercial biobased succinic acid plant in Lake Providence, La. The placement utilized the USDA’s Business and Industry Rural Development Loan Guarantee program. Myriant is the first biochemical company to receive funding through the program, which is designed to improve the economic and environmental climate in rural communities by supporting the development of high-quality local industry. According to Myriant, $15 million of the $25 million in bonds sold are guaranteed by the USDA under the B&I program. Once complete, Myriant’s facility will produce 30 million pounds of biobased succinic acid per year, and will create 40 to 50 direct highly-skilled jobs along with approximately 250 construction jobs. Succinic acid is used to manufacture a variety of products, including polymers, fibers, surfactants, detergents and flavors The Lake Providence facility is scheduled to begin operations during the first quarter of 2013. Myriant is also planning a 140 million pound capacity expansion in the U.S.