A Delaware-based chemical company has asked the state for $75 million of tax-exempt revenue bonds to modernize a hazardous waste incinerator in El Dorado and retire debt associated with acquisition of the facility.
Teris last year acquired the facility from Ensco. It would use $45 million of the proceeds for the modernization and wants $30 million to retire outstanding bonds issued on Ensco's behalf in 2000.
Teris submitted an application to the Arkansas Development Finance Authority asking for the public financing, saying that without the assistance, the plant could face "severe cutbacks in the face of increasing competition from modernized plants located in other parts of the United States."
The facility employs about 400 people.
The bonds would be repaid with plant revenues and guaranteed by Teris.