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- REC Silicon Financing Announced To Retire USD 110m Bond
REC Silicon Financing announced to retire USD 110m bond
21 Mar 2023 08:38 CET
Issuer
REC Silicon ASA
Moses Lake, Washington USA -- March 21, 2023: REC Silicon ASA (REC Silicon)
announces a corporate debt financing of USD 110 million from KEB Hana Bank in
Korea for the purpose of retiring the senior secured bond that matures on
April 13, 2023.
The contemplated debt financing will be fully guaranteed by REC Silicon's
largest shareholder Hanwha Solutions, which will result in favorable terms
compared to other financing alternatives. In addition to this USD 110 million
debt financing, the ongoing restart activities of the company's polysilicon
factory in Moses Lake and capacity investments in Butte, will require
additional financing. REC Silicon is in the process of exploring all funding
options, including debt financing and pre-payments from offtake contracts, and
the company is confident that funds will be raised well in advance of such
capital needs. REC Silicon will update the market as financing plans are
concluded.
"REC Silicon is pleased with the announced financing that will allow the
company to retire the senior secured bond. This was made possible by the
continual support from our largest shareholder Hanwha Solutions, which
contributed to the securing of financing at favorable terms. This is an
important milestone to fund our work to optimize utilization of all operations
and maximize the opportunities that are in front of us, we continue our focus
on the successful restart of the Moses Lake facility and completion of other
high value projects" says Kurt Levens, CEO of REC Silicon.
Contacts
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Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics
industries worldwide. We combine over 30 years of experience and proprietary
technology with the needs of our customers, with annual production capacity of
more than 20,000 MT of polysilicon from our two US-based manufacturing plants.
Listed on the Oslo Stock Exchange (ticker: RECSI), the Company is
headquartered in Lysaker, Norway.
For more information, go to: www.recsilicon.com
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 19 no. 3. The information was submitted for publication
at 2023-03-21 08:38 CET.
More information:
Access the news on Oslo Bors NewsWeb site
585758_REC Silicon Financing announced to retire USD 110m bond.pdf
Source
REC Silicon ASA
Provider
Oslo Børs Newspoint
Company Name
REC SILICON, REC Silicon ASA 18/23 11,50% USD C
ISIN
NO0010112675, NO0010820590
Symbol
RECSI
Market
Oslo Børs