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The early repayment of the loan will strengthen Q-Cells’ liquidity position and is a major step forward in the long term financing of the company. Q-Cells has two outstanding convertible bonds. Repayment of €492.5 million for the first of these is due in February 2012.
LDK Solar will repay the loan granted by Q-Cells, which currently stands at USD 224.9 million (ca. €170 million), in its entirety by the end of 2011. Payments of USD 195.0 million (ca. €150 million) from LDK Solar have been agreed until the end of 2010. An initial payment of USD 56.2 million (approximately €44 million) has already been made. Previously, the repayment schedule envisaged staged repayment up to the end of 2015. In return, the existing bank guarantee, with which the Q-Cells loan is secured will be reduced in stages and replaced by other collateral.
At the same time, both parties reached agreement on adjusting the prices for the existing supply contract for solar wafers. In addition until 2018, flexible prices will continue to apply for the entire term of the contract. These will be in line with the market price, and be determined on a quarterly basis.
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