Hanwha SolarOne secures USD-23m KEXIM loan

Dec 15, 2014 - China’s Hanwha SolarOne Co Ltd (NASDAQ:HSOL) said yesterday it has obtained a USD-23-million (EUR 18.5m) term loan from the Export-Import Bank of Korea (KEXIM) to replenish its working capital.

The three-year credit facility was received by the solar product maker’s unit Hanwha SolarOne (Qidong) Co Ltd and matures on December 11, 2017. The interest rate floats with the three-month LIBOR, plus 1.83% per year.

Hanwha SolarOne secured a three-year term loan of USD 100 million from KEXIM in June 2013. Its CFO Jay SEO noted that Hanwha SolarOne is continuing to concentrate on improving its balance sheet, structuring debt over longer periods of time and enhancing its working capital.

Earlier this month, Hanwha SolarOne struck an all-stock deal to buy Hanwha Q Cells Investment Co Ltd for about USD 1.2 billion in a bid to create the world’s largest solar cell maker with a production capacity of 3.28 GW. The enlarged business will be present in key solar markets including the US, China, Japan and Europe, with plans to expand into new markets.

Hanwha SolarOne and Hanwha Q Cells are part of South Korea’s Hanwha Group.

(USD 1.0 = EUR 0.803)

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