These won’t be available to many investors as they are going to be under Rule 144A as a private placement. The notes have not been registered and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
As a reminder, MEMC announced previously on February 15 that it and Samsung Fine Chemicals Co. formed a joint venture company in Korea to make high purity polysilicon in Ulsan, South Korea. Each company was to own half of the JV and the JV-Agreement provided for both equity and debt financing components where each will contribute some funds at closing and will contribute additional amounts over time so that the total cash contributions made by each party is approximately $175 million in the aggregate. It also noted back then that the JV-company has the responsibility to secure additional funds required for the construction of the initial plant through debt financing.
MEMC closed at $13.64 with a market cap of $3.1 billion and a 52-week range of $9.19 to $16.99.
JON C. OGG
Contact [email protected] for any questions or corrections.
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