Hoku Corporation Announces Term Extension of $50 Million Loans
Hoku Corporation (NASDAQ: HOKU) today announced the extension of the maturity date of $50 million in loans from Tianwei New Energy Holdings a leading provider of silicon wafers, photovoltaic cells, modules and systems, and Hoku's majority shareholder.
As part of Tianwei's 2009 investment in Hoku, Tianwei provided Hoku with two loans during the first calendar quarter of 2010 totaling $50 million through China Construction Bank, acting as loan agent. The term of each loan is two years. With approval from China's State Administration of Foreign Exchange, the maturity date of the $20 million and $30 million loans, scheduled to mature this quarter, have been extended one year until the first quarter of calendar year 2013. According to the SAFE approval, Tianwei and China Construction Bank are preauthorized to subsequently extend the maturity date for another year, until the first quarter of 2014.
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