Moses Lake, Washington USA -- September 15, 2023: REC Silicon ASA (REC
Silicon) through its subsidiary REC Silicon Inc, has entered into a loan
agreement for a USD 40 million term loan from Nonghyup Bank, New York Branch,
for the purpose of supporting the restart capital needs of the company.
The term loan is the final piece of the overall financing plan for the
company's ongoing restart of the Moses Lake FBR facility. As with the other
recent debt financings, the term loan is fully guaranteed by REC Silicon's
largest shareholder Hanwha Solutions, contributing to favorable terms.
"We are pleased to complete the company's restart financing plan with the
close of this term loan. As we have expressed previously, we also appreciate
the support from our largest shareholder. Now that the financing plan is
behind us, the Company will continue to devote its full attention to
completing the restart of the Moses Lake high-purity granular polysilicon
facility that is significantly more efficient from an energy perspective than
our competitors' technologies and is clean, green, and fully traceable. All
such restart activities are progressing well and are on schedule and within
budget." says Kurt Levens, CEO of REC Silicon.
As a leading producer of Silicon Gases and High Purity Polysilicon, REC
Silicon is well positioned to capitalize on the global megatrends of
digitalization, energy transition and energy storage and provide crucial
material inputs to the IRA, Chips, and Infrastructure Acts. The company has
developed a strong market position in the Semiconductor industry based on its
operations in Butte. The re-opening of the Moses Lake operations will enable
REC Silicon to provide High Purity Polysilicon to an emerging US solar value
chain and together with the Butte operation potentially supply Silane gas for
anode material to a fast-growing battery industry.
Contacts
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Jack Yun
CFO
Email: jack.yun@recsilicon.com
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@recsilicon.com
About Us
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REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics
industries worldwide. We combine over 30 years of experience and proprietary
technology with the needs of our customers, with annual production capacity of
more than 20,000 MT of polysilicon from our two US-based manufacturing plants.
Listed on the Oslo Stock Exchange (ticker: RECSI), the Company is
headquartered in Lysaker, Norway.
For more information, go to: www.recsilicon.com
This information has been submitted pursuant to the Securities Trading Act ยง
5-12 and MAR Article 19 no. 3. The information was submitted for publication
at 2023-09-15 21:37 CEST.