Trina Solar Ltd. has obtained a five-year syndicated loan facility to support its East Campus capacity expansion project. The size of the loan facility is approximately $304 million, and the loan is denominated in both U.S. dollars and Renminbi.
The loan bears a floating interest rate consisting of a premium over LIBOR and the basic rate of the People's Bank of China for the respective U.S. dollar and Renminbi portions of the loan. The lenders consist of a syndicate of five domestic banks, led by the Agricultural Bank of China and Bank of China.
This loan will be used to finance the company's 500 MW capacity expansion project, which will be completed over the next three years. The first drawdown is expected to occur this month, in accordance with the schedule agreed upon with the lenders.
SOURCE: Trina Solar Ltd.