MEMC Closes $200 Million Loan
October 1, 2012
Oversupply and falling prices are still affecting the solar industry as MEMC Electronic Materials (WFR :NYSE) announced today it has received a $200 million term loan due in 5 years.
Like Suntech (STP :NYSE), First Solar (FSLR :NYSE), SunPower (SPWR :NASDAQ), and everyone else in the solar industry, lowering costs and improving profits (for most it’s returning to profitability) is a priority for solar power and semiconductor manufacturer.
MEMC claims the cash gives them “additional flexibility” as they continue to restructure their company. But borrowing this much money right now is basically a red flag on the upcoming Q3 2012 earnings.
Shares of MEMC were down 3.45 percent in late day trading.
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