Hanwha SolarOne Co., Ltd., a vertically integrated manufacturer of silicon ingots, wafers, and photovoltaic ("PV") cells and modules in China, announced on June 27th, 2013, that its wholly-owned subsidiary Hanwha SolarOne (Qidong) Co., Ltd., has secured a three-year US$100 million term loan facility (the "Loan") from the Export-Import Bank of Korea (KEXIM). The loan will mature on June 25, 2016 with payment of principal to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.99 % per annum. The loan proceeds will be used primarily for working capital purposes.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "this new capital will enhance our ability to support current working capital needs, continues our shift of loans from short to longer term, and allows some flexibility in developing our business strategies for the future." Mr. SEO concluded, "We continue to be fortunate to access relatively low-cost funding from offshore sources."