MEMC announces $200-million asset loan

MEMC Electronic Materials (St. Peters, MO) closed a $200-million term loan on 28 September backed by most of the company's assets, including equity in foreign and domestic subsidiaries. The term loan has a maturity of 5 years and carries an interest rate of 10.75%. The proceeds of the second term loan will be used for incremental liquidity and general corporate purposes. MEMC amended its current credit facility to accommodate the new loan, and capacity remains at $400 million with interest rates unchanged. "This financing provides us additional flexibility...

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