Hanwha SolarOne Co., Ltd., this week announced that Hanwha SolarOne Co., Ltd. has secured a three-year US$87 million term loan facility from the Export-Import Bank of Korea (KEXIM). The loan will mature on December 29, 2017 with payment of principle to be made at maturity.
The interest rate floats with the three-month LIBOR, plus 1.83% per annum. The loan proceeds will be used for working capital including redemption of the company’s convertible senior notes with a January 15, 2015 put option. The Company previously announced a three-year US$23 million term loan facility from KEXIM to its Qidong subsidiary on December 15, 2014.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented,
“This new loan provides us with additional flexibility in supporting near-term debt obligations as well as the future growth of the company. KEXIM is a valued financial partner and continues to support our company in a significant way. We believe access to overseas capital at attract rates provides us with a distinct advantage.”
Mr. SEO concluded,
The two most recent loans from KEXIM allows us to improve our balance sheet and provides us with additional resources to start the new year.