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18 October 2010
First Solar doubles revolving credit facility to $600m
First Solar Inc of Tempe, AZ, USA, which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement and construction (EPC) services, has amended its existing senior secured revolving credit facility, increasing it from $300m to $600m.
Also, the term of the facility, which was oversubscribed, has been extended from three to five years and will mature in 2015. First Solar intends to use the facility for general corporate purposes, including the issuance of letters of credit.
The facility was agreed upon between First Solar and a syndicate of 13 leading international financial institutions. J.P. Morgan Securities Inc and Bank of America/ Merrill Lynch served as joint lead arrangers and book runners.
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