Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced today that its wholly owned subsidiaries, United Solar Ovonic LLC and United Solar Ovonic Corporation, have entered into a new secured revolving credit facility, with an aggregate commitment of up to $55 million with JPMorgan Chase Bank, N.A.
The new credit facility consists of two separate lines of revolving credit,– one for $30 million, and a separate $25 million revolving line, provided under the United States Export-Import Bank’s fast track guarantee program.
ECD will guarantee the loans on an unsecured basis, and JPMorgan Chase will serve as Administrative Agent.
About Energy Conversion Devices
Energy Conversion Devices, Inc. manufactures and sells thin-film solar laminates that convert sunlight to energy using proprietary technology. Distributed globally under the UNI-SOLAR® brand, the company’s products are used for solar roofing solutions. ECD also pioneers other alternative technologies, including a new type of non-volatile digital memory that is significantly faster and less expensive, and is ideal for a variety of applications including cell phones, digital cameras and personal computers.
Loading...