MEMC Announces New Corporate Credit Facility
ST. PETERS, Mo., Dec. 29 /PRNewswire-FirstCall/ — MEMC Electronic Materials, Inc. (NYSE: WFR), a leading provider of silicon wafers and North America’s largest solar energy services provider, has entered into a new revolving credit facility. The new $250 million agreement, which has a term of three years, replaces the Company’s pre-existing $200 million revolving credit agreement that was scheduled to expire in June 2010. The new facility contains an accordion feature, allowing the company to request an increase in the size of the facility, up to an aggregate of $400 million, upon terms to be agreed upon by the parties. Bank of America acts as administrative agent as well as lender under the new agreement, which also includes PNC Bank, National Association and US Bank National Association, among other lenders.
Repayment of any amounts borrowed under the new facility is guaranteed by certain subsidiaries of the Company. The obligations of the Company and the guaranty obligations of the subsidiaries are secured by a pledge of the capital stock of certain domestic and foreign subsidiaries of the Company. The other assets of the Company are not pledged as security for the facility.
“MEMC possesses one of the strongest balance sheets in the industry and this new credit facility provides us with added flexibility toward enabling our strategic growth initiatives,” said Tim Oliver, Senior Vice President and CFO of MEMC. “Given the challenging credit environment, we greatly appreciate the support of our banking partners and the confidence they have in MEMC as reflected by this facility.”
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. With the recent acquisition of SunEdison, MEMC is also a developer of solar power projects and North America’s largest solar energy services provider.
MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells.
MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR” and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
SOURCE MEMC Electronic Materials, Inc.