MEMC Closes $200 Million Financing


MEMC Electronic Materials Inc. has closed a new $200 million term loan. The loan is secured by a second-priority lien on substantially all of the company's assets, including a pledge of all the equity interests of each of its domestic subsidiaries, other than certain project subsidiaries, and 66% of the voting equity interests of its first-tier foreign subsidiaries.

Each of the company's subsidiary guarantors under its first-lien revolving credit facility is also a guarantor under this term loan. The term loan, which was fully drawn at the closing, has a maturity of five years.

Additionally, the company entered into an amendment to its revolving credit facility to accommodate the new term loan. The revolving credit facility capacity remains at $400 million.

MEMC plans to use the proceeds of the second-lien term loan for incremental liquidity and general corporate purposes, including the payment of fees and expenses in connection with the closing of the term loan

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