First Solar has amended its existing senior secured revolving credit facility, doubling it from $300 million to $600 million. The term of the facility (which was oversubscribed) has been pushed from three to five years and will now mature in 2015. The thin-film PV firm said it will use the expanded credit facility for general corporate purposes, including letters of credit.
The facility was agreed on between the company and a syndicate of 13 leading international financial institutions. J.P. Morgan Securities and Bank of America/Merrill Lynch served as joint lead arrangers and book runners.
The financial move comes on the heels of First Solar's announcement last week that it will expand its manufacturing capacity by another 500MW at as-yet-undetermined production sites in the United States and Vietnam.