Energy Conversion Devices and United Solar Ovonic Enter Into New $55 Million Secured Credit Facility ...( ROCHESTER HILLS Mich. Feb. 5 /- E...)

ROCHESTER HILLS, Mich., Feb. 5 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced today that its wholly owned subsidiaries, United Solar Ovonic LLC and United Solar Ovonic Corporation, have entered into a new secured revolving credit facility, with an aggregate commitment of up to $55 million, pursuant to a Credit Agreement and a separate Fast Track Export Loan Agreement, each with JPMorgan Chase Bank, N.A. The new credit facility consists of two separate lines of credit, a $30 million revolving line, with availability determined by reference to a borrowing base comprised of domestic inventory and receivables, and a separate $25 million revolving line, which is provided under the United States Export-Import Bank's fast track guarantee program, with availability determined by reference to a borrowing base comprised of foreign inventory and receivables. The Export- Import line has a three-year term. The domestic line has a five-year term, which will be reduced to three years in the event that the Export-Import line is not extended for an additional two-year term on or before July 5, 2010. The facilities contain an aggregate $10 million sub-limit for standby letters of credit. Both lines are secured by, among other assets, all inventory and receivables of United Solar Ovonic. ECD will guarantee the loans on an unsecured basis, and JPMorgan Chase will serve as Administrative Agent.

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