Hanwha SolarOne Banks $180 Million Term Loan Facility
Seeking to sustain further technology developments and develop downstream projects, Hanwha SolarOne (HSOL :NASDAQ) has secured a $180 million three-year syndicated term loan facility.
The Korea Development Bank, Standard Chartered Bank (Hong Kong) Limited, KEB Hong Kong Branch, KDB Asia Limited, and KEB Asia Finance Limited are providing the money that will be guaranteed by Hanwha Chemical Corporation.
Hanwha SolarOne’s management team should be given a lot of credit for this deal considering their current market cap is $101.4 million and the stock is down. It’s fairly safe to assume that the cadre of banks were probably shown a robust pipeline of deals that the Shangai solar manufacturer is on the brink of closing.
The solar manufacturer, formerly known as Solarfun, announced horrendous Q4 2011 numbers last month and is desperate to give its investors hopeful news. Investors might overlook the fact that their competition, including Canadian Solar, are also trying to develop downstream business.
Shares of Hanwha Solar were up 4.35 percent in late day trading.