First Solar splits revolver into two tranches, extends maturity of one

By Angela McDaniels

Tacoma, Wash., July 19 - First Solar, Inc. amended its revolving credit facility on July 15, dividing it into a $450 million tranche A and a $150 million tranche B.

The maturity date of tranche A was extended to July 15, 2018. The maturity date of tranche B is Oct. 15, 2015, according to an 8-K filing with the Securities and Exchange Commission.

The company can borrow from the tranche A lenders in certain additional currencies including the Japanese yen.

The amended credit facility has a $150 million accordion feature.

The current interest rate is Libor plus 225 basis points, and the commitment fee is 37.5 bps.

The amendment also made some changes to the restrictions and covenants.

JPMorgan Chase Bank, NA is the administrative agent. Bank of America, NA and Royal Bank of Scotland plc are the documentation agents. Credit Suisse, Cayman Islands Branch, is the syndication agent.

First Solar is a Tempe, Ariz.-based provider of photovoltaic solar systems.

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