FIRST SOLAR, INC. (FSLR): debt financing — First Solar enters $1.0B senior secured revolving credit facility

FIRST SOLAR, INC.

Five-year credit facility for $1.0B, with a $250M letter of credit sublimit; can be upsized by $1.0B.
Interest rates: Term SOFR + 0.10% spread adjustment + margin of 1.75%-2.25% (prior to investment grade).
Covenants include max net leverage ratio of 3.50x and minimum interest coverage of 3.00x.
Secured by substantially all assets, with collateral release upon achieving investment-grade ratings.
Loan proceeds for working capital and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FIRST SOLAR, INC. incurred revolving credit of $1,000,000,000 with JPMorgan Chase Bank, N.A., as administrative agent at Term SOFR Rate plus 0.10% credit spread adjustment plus margin of 1.750% to 2.25 maturing five years.

Instrument: revolving credit
Principal: $1,000,000,000
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: Term SOFR Rate plus 0.10% credit spread adjustment plus margin of 1.750% to 2.25
Maturity: five years
Event: incurrence

Exact text from the filing

On June 30, 2023, First Solar, Inc. (the “Company”) entered into a Revolving Credit and Guaranty Agreement (the “Credit Agreement”), among the Company, the guarantors from time to time party thereto, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). The Credit Agreement provides the Company with a senior secured five-year revolving credit facility (the “Credit Facility”) in an aggregate principal amount of $1,000,000,000

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST SOLAR, INC. entered into Revolving Credit and Guaranty Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions or entities from time to time parties thereto valued at $1,000,000,000 (effective 2023-06-30).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions or entities from time to time parties thereto
Value: $1,000,000,000
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, First Solar, Inc. (the “Company”) entered into a Revolving Credit and Guaranty Agreement (the “Credit Agreement”), among the Company, the guarantors from time to time party thereto, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).

View on SEC.gov

26 debt financings filed in the last 30 days. Browse all debt financings →

FIRST SOLAR, INC. filing history →

Source: SEC EDGAR

accession 0001274494-23-000014

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