Energy Conversion Devices and United Solar Ovonic Enter Into New $55 Million Secured Credit Facility Agreements
05 2월 2008 - 10:45PM
PR Newswire (US)
ROCHESTER HILLS, Mich., Feb. 5 /PRNewswire-FirstCall/ -- 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,
pursuant to a Credit Agreement and a separate Fast Track Export
Loan Agreement, each with JPMorgan Chase Bank, N.A. The new credit
facility consists of two separate lines of credit, a $30 million
revolving line, with availability determined by reference to a
borrowing base comprised of domestic inventory and receivables, and
a separate $25 million revolving line, which is provided under the
United States Export-Import Bank's fast track guarantee program,
with availability determined by reference to a borrowing base
comprised of foreign inventory and receivables. The Export- Import
line has a three-year term. The domestic line has a five-year term,
which will be reduced to three years in the event that the
Export-Import line is not extended for an additional two-year term
on or before July 5, 2010. The facilities contain an aggregate $10
million sub-limit for standby letters of credit. Both lines are
secured by, among other assets, all inventory and receivables of
United Solar Ovonic. 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.
(NASDAQ:ENER) manufactures and sells thin-film solar laminates that
convert sunlight to energy using proprietary technology.
Distributed globally under the UNI-SOLAR(R) brand, the company's
products are ideally suited for cost-effective solar roofing
solutions because they are lightweight, durable, flexible, can be
integrated directly with building materials, and generate more
energy in real-world conditions. 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. For more information,
please visit http://www.ovonic.com/. This release may contain
forward-looking statements within the meaning of the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on assumptions which ECD,
as of the date of this release, believes to be reasonable and
appropriate. ECD cautions, however, that the actual facts and
conditions that may exist in the future could vary materially from
the assumed facts and conditions upon which such forward-looking
statements are based. The risk factors identified in the ECD
filings with the Securities and Exchange Commission, including the
company's most recent Annual Report on Form 10-K and most recent
Quarterly Report on Form 10-Q, could impact any forward-looking
statements contained in this release. DATASOURCE: Energy Conversion
Devices, Inc. CONTACT: Investor Relations: Sanjeev Kumar, Vice
President and CFO, Energy Conversion Devices, Inc.,
+1-248-299-6013; or Media Relations: Brad Wilks, or Mac McNeer,
Sard Verbinnen & Co., +1-312-895-4700 Web site:
http://www.ovonic.com/
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