MEMC Electronic gets $400 million restated three-year revolver

By Angela McDaniels

Tacoma, Wash., March 24 - MEMC Electronic Materials, Inc. entered into a $400 million three-year senior secured revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The facility amends and restates the credit facility the company obtained on Dec. 23, 2009.

Bank of America, NA is the administrative agent.

The facility can be increased to up to $550 million.

There is a $300 million sublimit for letters of credit and a $25 million sublimit for swing line loans. Up to $200 million of borrowings can be made in currencies other than dollars.

Pricing is the base rate plus 150 basis points to 175 bps or the eurocurrency rate plus 250 bps to 275 bps, depending on the type of borrowing and the company's consolidated leverage ratio.

The commitment fees is 50 bps.

St. Peters, Mo.-based MEMC makes silicon wafers for use in semiconductor materials, solar materials and solar energy.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.