International engages banker for debt financing
Tire International Environmental Solutions,
Inc., a tire recycling and finished consumer and industrial product
company, has engaged Stone & Youngberg, LLC, of New York
for assistance in structuring and marketing a debt offering as
part of its project financing.
The project financing will allow the company
to establish United States facilities to recycle tires and manufacture
recycled rubber products currently produced in China for consumer
and industrial use throughout North America. The proposed debt
financing would provide $20 million of net proceeds to acquire,
equip and operate the new facilities.
Tire International announced in January that
it has agreed to acquire Tonmik Import Export Solutions, Inc.,
a Montreal-based distributor of recycled rubber products that
are currently manufactured at its facilities in China. The company
intends to develop a fully integrated scrap-tire-to-finished-product
tire recycling business in the United States.