Pacific Recycling, Inc. (PRI) was founded in 1985 by Rod Schultz, who launched PRI after growing up in the scrap industry. The NMTC financing leveraged previous investments made in the shredder complex, generating funds that will be utilized to finish the installation of the supporting shredder infrastructure. This large capital investment will enable PRI, as a small business, to become more competitive in the scrap metal recycling industry. The NMTC net benefit will also be used to hire and train residents of the surrounding low-income community to operate the shredder and related equipment.
“The completion of our shredder project establishes PRI as a long-term player in the industry, and it would not have come to fruition without NMTC financing and the assistance we received from Roeder & Company,” said Rod Schultz, CEO of PRI.
“The PRI transaction demonstrates the flexibility inherent in the NMTC program. There were a multitude of leases, lenders, and regulators in this transaction and that created some hurdles. However, as a team we were able to structure within each party’s constraints and successfully close the NMTC financing,” said Roeder & Company CEO Reynold Roeder.
The shredder is expected to commence operation in February 2015. For more information about PRI, please visit www.pacificrecyclinginc.net.