St. Croix Tissue gets $7.5M FAME bond
The Finance Authority of Maine has granted $7.5 million in bond financing to the newly established St. Croix Tissue Inc., a tissue producing mill expansion next to the related Woodland Pulp in Baileyville.
According to a statement, FAME’s board of directors approved the bond financing during a March 20 meeting. The mill’s owner, International Grand Investment Corp., the U.S.-based holding company of a Chinese investment firm, plans to invest $120 million for the expansion to add two tissue-making machines to the Baileyville paper mill. The tissue machines, which will be operated by the new St. Croix subsidiary, are expected to employ 80 people and help retain 300 jobs at Woodland Pulp.
The company received the bond through FAME’s Major Business Expansion Bond Program. The company also qualified in late 2013 for FAME’s New Markets Capital Investment Program, which provided $15.6 million in tax credits to the project’s investors.
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