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LDK Solar Gets $256 Million Credit Facility From Banks

LDK Solar Co., China’s second-biggest maker of solar wafers, signed an agreement with 11 banks for a 1.56 billion yuan ($256 million) credit facility.

The funds will be limited to operations in LDK’s home province of Jiangxi by its unit Jiangxi LDK Solar Hi-Tech Co. and cannot be used to pay down debt, the Xinyu, China-based company said today in a statement. The first drawdown of 200 million yuan was approved and completed today.