During the first two months of 2009, WACKER took important steps as part of its multi-year financing strategy.
We are negotiating a syndicated, three-year, €150 million credit facility. It is intended to prematurely replace an existing syndicated €100 million credit facility due in late 2009. Negotiations are at an advanced stage and, based on our current knowledge, are expected to be finalized in March 2009.
Our strategic financial measures include two further credit facilities totaling €110 million. WACKER was already able to conclude a credit line until 2012 with KfW IPEX-Bank (a German-government-owned development bank). We are in the process of negotiating with Bavaria’s LfA development bank to receive follow-up financing until 2013.
Additionally, we are negotiating the conclusion of project financing for our polysilicon investments in Nünchritz (Germany).