BioNitrogen gets OK from Florida to issue $175 million tax-free bonds

By Marisa Wong

Madison, Wis., Feb. 19 - BioNitrogen Corp. said it has received approval from the Florida governor to issue up to $175 million of tax-exempt bonds.

The bond offering is slated for completion in early 2013, according to a press release.

"The completion of the bond issuance process is another significant milestone for BioNitrogen," said Bryan Kornegay Jr., president and chief financial officer of BioNitrogen, in the release.

"The governor's action now clears the political path for issuing the bonds. In the interim, we are working to get the remaining air and water permits completed for construction and coordinating with KBR's Delaware-based operations ... to initiate plant design."

The company said it expects to begin construction on the proposed plant in early 2013.

BioNitrogen is a Doral, Fla.-based cleantech company that uses proprietary technology to build environmentally friendly plants that convert biomass into urea fertilizer. KBR is a Houston-based engineering and construction company.

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