TEMPE, Ariz. (
announced today that it has netted a credit line to the tune of $300 million.
According to a press release issued today, the U.S.-based thin-film solar module maker said it entered into a revolving credit facility to be used broadly for "general corporate purposes," and more specifically to issue of letters of credit. The facility has a term of three years and was oversubscribed.
The company said nine financial operations entered into the deal with First Solar, with
J.P. Morgan Securities
Bank of America/Merrill Lynch
serving as the joint lead arrangers and book runners.
After the announcement and after the opening bell, First Solar shares were surging up $7.44, or more than 5.5%, at $141.85.
Just yesterday, First Solar announced a
"memorandum of understanding" with the Chinese government to build what could be the biggest solar power plant so far.
Solar financing was also in headlines yesterday, as
said it received a
$304 million loan facility from a consortium of banks in China.
Around the solar sector on Wednesday morning,
( SPWRA) and
Yingli Green Energy
were rising up 2.3% and 0.9% each.
Energy Conversion Devices
( ENER) were sliding 0.9% and 2.8%, respectively. Yesterday, Energy Conversion Devices
skyrocketed by around 25% on rumors of a buyout.
shares were also losing ground, slipping 17cents at $16.53, while
ADS's were adding 15 cents at $16.05.
-- Written by Sung Moss in New York
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