PLATTSBURGH — Laurentian Aerospace Corp. has signed an agreement with a leading Wall Street investment bank to seek funding for its proposed $200 million project here, officials say.
Laurentian Senior Vice President for Finance and Chief Financial Officer Andrew Edwards told the Press-Republican that they have retained the firm — which he would not name — as financial adviser and exclusive placement agent, charged with finding people interested in investing in the company.
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“We are actively working with that firm on a variety of things connected with the financing,” he said.
NO MORE VERDANT
In June 2006, Laurentian announced plans to build a 273,000-square-foot, two-bay hangar for maintenance, repair and overhaul of wide-body jets at Plattsburgh International Airport.
The facility was — and, Edwards said, still is — expected to create 200 jobs at start-up and as many as 900 once it is in full operation.
Financing proved difficult to obtain as the international financial crisis took hold. In 2011, Laurentian announced it had secured financing through Verdant Capital, but those funds never materialized.
“We are not in active dialogue with Verdant concerning the financing of the project, and we don’t expect that situation to change, but any specific information on Verdant will have to come from Verdant and not from Laurentian,” Edwards said Monday.
‘A GOOD SIGN’
Also on Monday, the County of Clinton Industrial Development Agency agreed to a request from Laurentian to hold a fourth public hearing on the issuance of tax-exempt bonds for the project.
The company asked that the maximum amount of the bonds be increased from $170 million to $200 million.
The date of the hearing has not yet been set but is expected to take place soon, Edwards said.
The public hearing, he said, is a technical matter and does not mean a bond offering is imminent.