A Lyme affiliate closed on a $20 million New Markets Tax Credit (“NMTC”) financing, facilitated by an NMTC allocation from CEI Capital Management LLC (“CEI”), to refinance its acquisition of 163,500 acres of timberland in West Virginia. The financing will enable Lyme to support the introduction of advanced worker safety and job quality standards through investments in mechanization and “winch-assist” harvesting technology. West Virginia woodlands are particularly difficult and dangerous to log due to their steep hillsides. Winch assist technology has demonstrated safety and environmental benefits in other regions where logging occurs on steep slopes. Lyme hopes that the systems will increase safety, job quality, and employee compensation opportunities in the Appalachian region.
Lyme closes on New Markets Tax Credit financing for its 163,500-acre timberland purchase in West Virginia, providing jobs and contributing to economic development
June 29, 2018