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FSLR > SEC Filings for FSLR > Form 8-K on 24-Feb-2017All Recent SEC Filings

Show all filings for FIRST SOLAR, INC.

Form 8-K for FIRST SOLAR, INC.


24-Feb-2017

Other Events


Item 8.01. Other Events

On February 21, 2017, FS Japan Project 12 GK (the "Project"), a limited liability company organized and existing under the laws of Japan and an indirect wholly-owned subsidiary of First Solar, Inc., made an initial draw of 7.3 billion ($65 million) under the senior loan facility provided under a credit agreement with Mizuho Bank, Ltd. (the "Credit Facility"). The Credit Facility provides for aggregate borrowings of up to 27.3 billion ($241 million) and has been entered into for the development and construction of a 59.5 MW photovoltaic power plant located in Ishikawa, Japan.

The Credit Facility consists of a 24.0 billion ($212 million) senior loan facility, a 2.1 billion ($18 million) consumption tax facility, and a 1.2 billion ($11 million) letter of credit facility. The senior loan facility bears interest at 6-month Tokyo Interbank Offered Rate ("TIBOR") plus 0.75%, the consumption tax facility bears interest at 3-month TIBOR plus 0.50%, and the letter of credit facility bears interest at varying TIBOR rates plus 0.75% depending on the tenor of the underlying letters of credit. Any undrawn letters of credit accrue fees at 0.75% on their face amount. Interest on the senior loan facility and letter of credit facility is payable bi-annually, and interest on the consumption tax facility is payable quarterly. Principal on the senior loan facility is payable in scheduled bi-annual installments from April 30, 2019 to the maturity of the facility on October 31, 2036. The Credit Facility is secured by pledges of the Project's assets, accounts, material project documents, and by the equity interests in the Project. The Credit Facility contains customary representations and warranties, covenants, and events of default for comparable loan facilities in Japan.


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