XINYU CITY, China and SUNNYVALE, Calif., April 15 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK) today provided an update on its financing activities. LDK Solar secured a loan for RMB 200 million (equivalent to approximately US$29 million) from China Development Bank and received approval for a RMB 1 billion (equivalent to approximately US$146 million) credit line from Agricultural Development Bank of China.
"We are very pleased to secure this loan and line of credit and further strengthen our financial position, particularly at a time when many businesses are being impacted by the tight credit markets," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "We are excited that our local banks have shown their financial support for LDK Solar and the continued development of the solar industry in China. We will continue to explore the opportunity in strengthening our business presence in the Chinese solar industry."
As a result of these additional financing activities, LDK Solar had unused credit facilities totalling US$785 million as of April 14, 2009. LDK Solar expects to use these credit facilities to fund ongoing business activities. The company will continue to focus on closely monitoring capital spending and on managing its cash position.
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