Carlsbad, N.M.-As previously reported (GM, July 26, p. 9), the Board of County Commissioners of Eddy County adopted an ordinance on July 20, 2010, authorizing industrial bonds up to a maximum of $90 million for an expansion at Intrepid Potash Inc. Intrepid has confirmed that the bonds are for the previously announced Langbeinite Recovery Improvement Project (GM, May 10, p. 13). Will Kent, Intrepid director of investor relations, contacted Green Markets to clarify a few items regarding the industrial revenue bond transaction. He said the transaction is “self-funded,” which means that the transaction will not utilize underwriters but will instead be funded internally by Intrepid, using cash and investment balances, cash flow from operations, or available borrowings under its senior credit facility. Intrepid is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and TrioTM, a product produced from langbeinite ore. Intrepid owns five active potash production facilities – three in New Mexico, and two in Utah.
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