Q-Cells SE / Q-Cells and LDK Solar: early loan repayment and adjustment of the
solar wafer supply contract processed and transmitted by Hugin AS. The issuer
is solely responsible for the content of this announcement.
Bitterfeld-Wolfen (Germany), 20 September 2010: Q-Cells SE (QCE; ISIN
DE0005558662) has reached an agreement with the Chinese company LDK Solar to
repay the loan extended to LDK Solar by Q-Cells in 2008 early (originally an
advance payment for raw material supplies) and to adjust the existing solar
wafer supply contract. 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
For more information please contact:
Sonnenallee 17 - 21
Tel.: +49 - (0)3494 - 6699 10101
Ina von Spies
Tel.: +49 - (0)3494 - 6699 10121
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