Hanwha SolarOne Co., Ltd. today announced that its wholly-owned subsidiary Hanwha SolarOne (Qidong) Co., Ltd. has secured a three-year US$23 million term loan facility (the "Loan") from the Export-Import Bank of Korea (KEXIM). The loan will mature on December 11, 2017 with payment of principle to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.83% per annum. The loan proceeds will be used primarily for working capital purposes.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "We appreciate the continued support of KEXIM, providing a vote of confidence in the company supported by its bankability and strong track record. The company continues to demonstrate its ability to secure both domestic and overseas financing at attractive rates, which will prove advantageous for future growth in a competitive industry." Mr. SEO concluded, "We continue to focus on improving our balance sheet, structuring debt over longer periods and enhancing our working capital position."