Daily News: July 17, 2017

JPMorgan Agents $500MM Revolver for First Solar

First Solar amended its credit agreement with JPMorgan Chase as administrative agent.

According to a related 8-K filing, the amended agreement provides a senior secured five-year revolving credit facility in an aggregate principal amount of $500 million and a sub-limit of $400 million available for issuance of letters of credit

In addition, the company may increase the aggregate commitments under the credit facility up to $750 million.

Borrowings under the agreement bear interest at a rate per annum equal to LIBOR, adjusted for Eurocurrency reserve requirements, plus a margin of 2.00% to 2.50% based on the company’s consolidated leverage ratio, as defined in the credit agreement, for the period or the ABR, as defined in the credit agreement, plus a margin of 1.00% to 1.50% based on the company’s consolidated leverage ratio for the period, depending on the type of borrowing requested.

Citicorp, Wells Fargo Bank, Bank Of Montreal, Sumitomo Mitsui Banking and Bank Of America served as co-documentation agents. HSBC Bank and Credit Agricole were co-syndication agents. JPMorgan Chase, HSBC and Credit Agricole were joint lead arrangers and bookrunners.