A BakerHostetler team led by Partner Al Adams advised Hybar LLC as lead project development and financing counsel through the closing of $700 million in debt and equity financing to build, start up and operate a technologically advanced and environmentally sustainable scrap metal recycling steel rebar mill.
Hybar – a newly formed company with ownership led by metals industry developer and investor Global Principal Partners, and TPG Rise Climate, the climate investing platform of private equity firm TPG – will construct and operate the mill on a 1,300-acre greenfield site in northeast Arkansas. The mill will produce “a full complement of high-yielding rebar that will primarily be used in large infrastructure projects, including projects supported by the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.”
The cross-disciplinary team of BakerHostetler lawyers led the legal effort on behalf of Hybar on several sources of debt and equity financing, state and local government incentives, real estate acquisition and entitlements, key development and operations contracts, environmental and other government permits and approvals, energy regulatory and tax matters. In addition to Adams, the core BakerHostetler deal team included Partners Phil Callesen and George Skupski (debt financing and incentives co-leads); Pete Van Euwen (equity capital and commercial contracts lead); Marty Booher (environmental, ESG and permitting lead); Amy Kellogg (real estate lead); and Suzanne Hanselman (securities lead). Partners Brian Bulson (commercial contracts); Michelle Hervey and Ed Ptaszek (tax); and Glenn Benson (energy contracts and regulatory) were also on the deal team.
Associates included Charlotte Pasiadis, Connor Gibbons, Jamal Baghlani, Michael Mosholder, Michelle Reese, Bob McEvoy, Josh Wilson, Katherine Dolansky and Brittany Stevenson.
Read Hybar's Aug. 2, 2023, press release.