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ROCKY MOUNT -
The Golden LEAF Foundation plans to borrow $100 million from BB&T to fund construction of a factory at the Global TransPark.The board late Monday authorized the staff to proceed with the loan, which the foundation will complete later this month. The money will be used by the Global TransPark Authority in Kinston to build a plant for Spirit AeroSystems, a plane maker that plans to add more than 1,000 jobs.The terms of the unsecured loan call for a $100,000 origination fee and an interest rate tied to prime. The foundation received some proposals with the rate tied to LIBOR, the London Interbank Offered Rate that banks use to price loans to each other. With the credit crunch, though, that rate has risen sharply of late."The board thought going with something prime [rate] based represented the best deal for us," said Dan Gerlach, president of the Golden LEAF Foundation based in Rocky Mount. Golden LEAF intends to pay back the loan within a year.
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Staff writer Jonathan B. Cox
