First Solar (NASDAQ:FSLR) stock is rising higher on Friday after the solar energy company announced a $1 billion revolving credit facility.
A collection of banks are behind this revolving credit facility with J.P. Morgan Chase Bank serving as the Lead Arranger and Administrative Agent. Others include “Joint Lead Arrangers Bank of America, Citibank, Credit Agricole CIB, and PNC Bank, as well as participating lenders BNP Paribas, Goldman Sachs Bank USA, HSBC Bank USA, MUFG Bank, Standard Chartered Bank, and Truist Bank.”
According to a press release, the $1 billion credit facility also includes up to $250 million of funds that are available as letters of credit. The company notes that this larger credit facility allows it to move forward with growth plans it has in place for the second half of 2023 and 2024.
Mark Widmar, CEO of First Solar, said the following about the new credit facility:
“This agreement underscores First Solar’s bankability and is underpinned by the strong fundamentals that drive our business today […] We are focused on exiting this decade in a stronger position than we entered it and liquidity is a crucial differentiator that we intend to maintain. This revolving credit facility provides us the financial headroom and flexibility we need, while also balancing our ability to grow in response to demand for our technology.”
FSLR Stock Movement on Friday
With the credit facility news comes some 864,000 shares of FLSR stock changing hands today. That’s still well below the company’s daily average trading volume of about 2.5 million shares. Even so, the stock is up 4.8% as of Friday morning.
Investors looking for more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market coverage that traders need to know about on Friday! A few examples include why shares of Alibaba (NYSE:BABA), Biogen (NASDAQ:BIIB) and Alpine Summit Energy (NASDAQ:ALPS) stock are moving today. You can find out more on these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
