Solyndra closes US$75 million credit facility, restructures outstanding indebtedness

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Solyndra has recently closed on its new US$75 million in secured credit facility, which was underwritten by current investors. The company stated that the financing will go towards furthering its pursuit of cost reductions and implementing its channel expansion, segment sales and marketing stratagems.

“Solyndra has excellent marketplace momentum, with record installations of our product in the fourth quarter and annual revenues exceeding US$140 million last year,” said Brian Harrison, Solyndra’s president and CEO. “With strong acceptance of our 200 Series product, we are seeing growth in the U.S. and markets throughout Europe. We have recently reached a number of significant milestones, including the shipment of nearly 100MW of panels, the completion of more than 1,000 installations in 20 countries and the announcement of our PV greenhouse solution.”

The financing also came with plans to restructure Solyndra’s remaining indebtedness. Its convertible notes have been exchanged for new notes and the U.S. Depart of Energy, which approved a loan guarantee, agreed to particular loan modifications including an extension of the amortization period. Along with the remaining indebtedness, the new credit facility is secured by all of Solyndra’s assets.

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