REC Silicon - Announces the Close of a USD 7.0 million Short Term Loan with Anchor AS

Summary by AI BETAClose X

REC Silicon ASA has entered into a USD 7.0 million unsecured short-term loan agreement with Anchor AS, a Norwegian subsidiary of its two largest shareholders, Hanwha Solutions and Hanwha Corporation. This loan aims to address the company's immediate operational capital requirements, with terms generally aligned with existing financial agreements. The loan matures on April 13, 2026. However, REC Silicon anticipates needing additional financing beyond this loan to meet its debt service and operating cash flow needs, potentially from Hanwha or other sources, though no arrangements are yet finalized or guaranteed.

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