REC Silicon takes out loan to fund restart of Moses Lake facility

MOSES LAKE — REC Silicon Inc. announced Thursday that it has entered into a loan agreement for a $100 million term loan from KEB Hana Bank for the purpose of supporting the capital needs of the company.

According to the announcement, the term loan is part of the overall financing plan for the company’s ongoing restart of the Moses Lake FBR facility. The news release noted that The term loan is also fully guaranteed by REC Silicon’s largest shareholder, Hanwha Solutions, and that REC Silicon is in discussions toward a potential smaller bank financing on similar terms that may be necessary in the next few months so that funds are in place in advance of any capital needs.

“This term loan strengthens the company’s overall financial position as we work towards completing the restart of the Moses Lake high purity granular polysilicon facility,” wrote REC Silicon CEO Kurt Levens in the release. “We will become a key enabler of the developing total solar value chain in the US, while simultaneously taking advantage of other opportunities that will further enhance our strong position in the semiconductor materials market. These efforts are well underway and are expected to be reflected in the future results of the company.”