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REC Silicon ASA (REC.OL)

REC.OL on Oslo Stock Exchange

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20 Jul 2018
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Latest Key Developments (Source: Significant Developments)

REC to repurchase bonds maturing in 2018
Tuesday, 27 Mar 2018 11:45am EDT 

March 28 (Reuters) - REC SILICON ::WITH REFERENCE TO THE ANNOUNCEMENT MADE ON 23 MARCH 2018 AND THE SUCCESSFUL COMPLETION OF A USD 110 MILLION SENIOR SECURED BOND ISSUE WITH MATURITY DATE 13 APRIL 2023, THE COMPANY OFFERED A BUY-BACK OF ITS OUTSTANDING SENIOR UNSECURED BONDS MATURING 3 MAY 2018 (ISIN NO0010607476, "REC03") AS WELL AS A BUY-BACK OF THE CONVERTIBLE BONDS MATURING 11 SEPTEMBER 2018 (ISIN NO0010687304).THE COMPANY WILL REPURCHASE APPROXIMATELY NOK 9 MILLION OF REC03 AT A PRICE OF 100.5 % OF PAR VALUE (PLUS ACCRUED INTEREST).FURTHER, THE COMPANY WILL BUY BACK AND CANCEL A TOTAL OF APPROXIMATELY USD 107 MILLION OF ITS CONVERTIBLE BONDS IN CONJUNCTION WITH THE NEW BOND ISSUE..ARCTIC SECURITIES AND DNB MARKETS ACTED AS JOINT LEAD MANAGERS FOR THE BOND ISSUE..  Full Article

REC Silicon plans $110 mln 5-year bond
Friday, 9 Mar 2018 04:11am EST 

March 9 (Reuters) - Rec Silicon Asa ::FIXED INCOME INVESTOR MEETINGS AND CONTEMPLATED SENIOR SECURED BOND ISSUE.‍HAS MANDATED ARCTIC SECURITIES AND DNB MARKETS TO ARRANGE A SERIES OF FIXED INCOME INVESTOR MEETINGS COMMENCING ON MONDAY, 12 MARCH​.‍A USD 110 MILLION, 5-YEAR, SENIOR SECURED, FIXED RATE TRANSACTION MAY FOLLOW, SUBJECT TO INTER ALIA MARKET CONDITIONS​.‍MAY OFFER A CONDITIONAL BUY-BACK OF ITS OUTSTANDING SENIOR UNSECURED BONDS WITH MATURITY 3 MAY 2018​.  Full Article

REC Silicon Q4 revenues, EBITDA beat forecast
Friday, 9 Feb 2018 12:55am EST 

Feb 9 (Reuters) - Rec Silicon Asa ::‍CASH BALANCE OF USD 104.5 MILLION ON DECEMBER 31, 2017. THIS REPRESENTS AN INCREASE OF USD 16.6 MILLION COMPARED TO SEPTEMBER 30.REC SILICON Q4 REVENUES $ ‍78​ MILLION (REUTERS POLL $70 MILLION).REC SILICON Q4 EBITDA $‍10.3​ MILLION (REUTERS POLL $5.2 MILLION).REC SILICON TARGETS POLYSILICON PRODUCTION OF 2,990MT DURING THE FIRST QUARTER OF 2018.POLYSILICON PRODUCTION TARGETS FOR 2018 ARE ESTIMATED AT APPROXIMATELY 11,330MT.SILICON GAS SALES VOLUMES ARE TARGETED AT 880MT FOR THE FIRST QUARTER OF 2018 AND 3,700MT FOR THE FULL YEAR 2018..WELL POSITIONED TO ADDRESS ITS 2018 DEBT OBLIGATIONS​.  Full Article

Shaanxi to pay REC Silicon's outstanding $161 mln capital contribution to Yulin JV
Thursday, 1 Feb 2018 01:01am EST 

Feb 1 (Reuters) - Rec Silicon Asa ::‍REC SILICON PTE. LTD (REC SILICON) AND SHAANXI NON-FERROUS TIAN HONG NEW ENERGY CO. LTD. (SNF) HAVE ENTERED INTO AN AGREEMENT CONCERNING OUTSTANDING CAPITAL CONTRIBUTION FROM REC SILICON TO YULIN JV​.‍SNF WILL MAKE REC SILICON'S OUTSTANDING CAPITAL CONTRIBUTION OF $169,020,000 TO YULIN JV AND SHAREHOLDING WILL BE SUBSEQUENTLY ADJUSTED TO SNF HOLDING 84.94% AND REC SILICON HOLDING 15.06%​.‍PRESERVES REC SILICON'S OPPORTUNITY TO HOLD A 49% EQUITY INTEREST IN YULIN JV IN FUTURE​.‍WILL HAVE OPTION TO EITHER BUY BACK 33.94% EQUITY INTEREST FROM SNF​.  Full Article

REC posts higher Q3 revenues abvove forecast
Monday, 30 Oct 2017 01:50am EDT 

Oct 30 (Reuters) - Rec Silicon Asa :‍rec silicon asa (rec silicon) reported q3 revenues of usd 75.5 million (Reuters poll usd 68 million), up from usd 61.4 million in previous quarter​.‍ebitda during q3 was usd 3.6 million (Reuters poll usd 2.9 million) compared to usd 1.3 million in previous quarter​.‍company reported a cash balance of usd 88.0 million on september 30, 2017. This represents an increase of usd 16.6 million compared to june 30, 2017​.‍silicon gas sales volumes for quarter exceeded expectations at 904 mt. Q3 polysilicon production of 2,835mt was slightly below guidance given at previous quarter​.‍strong performance in both cash cost and cash balance shows that we are positioned to address our liquidity situation moving forward​.‍progress on yulin joint venture plant continues as planned​.‍jv facility expects to start up first silane unit and FBR reactors in q4 2017​.‍second silane unit is scheduled to start up in q1 2018​.‍company continues to negotiate deferral of remaining $169 million capital contributions until after 2018​.  Full Article

REC Silicon implements efficiency improvement, cost cutting initiatives at Butte facility
Wednesday, 20 Sep 2017 12:34pm EDT 

Sept 20 (Reuters) - REC Silicon Asa -:Several efficiency improvement and cost cutting initiatives have been implemented at its Butte, Montana production facility.A reduction in headcount of approximately 30 employees has been undertaken.Solar grade polysilicon production in Butte has been curtailed due to restrictions on solar grade polysilicon from solar trade dispute between U.S., China.Will better align the polysilicon production in Butte with semiconductor market demand by shifting the polysilicon production mix.  Full Article

REC Silicon CEO: will own 15 pct of Julin JV if it can't pay into it
Thursday, 20 Jul 2017 03:16am EDT 

July 20 (Reuters) - SILICON PRODUCER REC SILICON ASA ::REC SILICON CEO TORE TORVUND SAYS HAS NO OBLIGATION TO PAY $169 MILLION INTO YULIN JV IN CHINA TO KEEP OWNERSHIP AT 49 PERCENT, IF IT DOES NOT, PAY OWNERSHIP WILL BE 15 PERCENT.REC SILICON CEO SAYS TO FIND A SOLUTION TO YULIN JV DURING THE YEAR.THE JV FACILITY EXPECTS TO START UP THE FIRST SILANE UNIT AND FBR REACTORS IN Q4 2017.REC CEO SAYS THERE IS NO SOLUTION TO SELL ASSETS IN U.S TO FUND YULIN JV.  Full Article

Rec Silicon Q2 pretax loss bigger than expected due to currency
Thursday, 20 Jul 2017 01:22am EDT 

July 20 (Reuters) - Rec Silicon Asa : :Rec silicon q2 revenues $ 61.4 million (Reuters poll $63 million) vs $71.1 mln in Q2 2016.Rec silicon q2 ebitda $1.3 million (Reuters poll $0.3 million) vs $-14.3 mln in Q2 2016.EBITDA Includes $2.5M Collection of Reserved Accounts Receivable.Rec silicon pretax loss $48.3 million (Reuters poll loss $26.2 million) vs $-39.1 mln in Q2 2016.Includes Q2 net currency losses of $17 mln vs a gain of $8 mln in q2 2016.Net currency gains and (losses) relate primarily to internal loans .Progress on yulin joint venture plant continues as planned.Continues to negotiate deferral of remaining $169 million capital contributions until after 2018.Gas sales volumes for quarter were in line with expectations at 808 mt.China Yulin jv facility expects to start up first silane unit and FBR reactors in q4 2017.Continues to negotiate deferral of remaining $169 million capital contributions until after 2018.Rec silicon targets 2017 polysilicon production of 12,500 mt versus previous guidance of 12,320 mt.Includec operation of the FBR facility in Moses Lake at approximately fifty percent capacity utilization throughout 2017. .Rec silicion repeats targets 2017 FBR cash production costs of $11.0/kg, sees $11.5/kg in q3.  Full Article

REC Silicon says Norway tax office seeks to disallow 2009-2011 losses
Wednesday, 12 Jul 2017 01:00am EDT 

July 12 (Reuters) - Rec Silicon Asa :Rec silicon - reassessment of income taxes in tax returns for tax years 2009 through 2011.Rec silicon received a draft decision dated june 30, 2017 from Norwegian Central Tax Office (cto) which disallows losses of nok 7.7 billion in total (at 28 percent tax would be approximately nok 2.2 billion).The Company expects these amounts to be adjusted for group contributions and carry back of tax losses, which would result in recognition of approximately usd 26 million in tax expense plus interest of approximately usd 4 million.Range of potential outcomes remains broadly unchanged from disclosures previously made by company.Will oppose draft decision by filing supporting assessments and presenting additional documentation.  Full Article

Rec Silicon Q1 EBITDA in line with forecast
Wednesday, 3 May 2017 12:55am EDT 

May 3 (Reuters) - Rec Silicon Asa :Rec silicon q1 revenues $57.5 million (Reuters poll $71.2 million) vs $68.8 million in Q1 2016.Says lower first Q1 revenues are a result of lower polysilicon sales volumes.Rec silicon q1 ebitda $4.6 million (Reuters poll $4.4 million) vs loss $13.4 mln in q1 2016.Rec silicon q1 ebit loss $16 million (Reuters poll loss $19.2 million).Rec silicon targets 2017 polysilicon production of approximately 12,320 mt versus previous guidance of 12,500 mt.Rec silicon targets polysilicon production of 3,040 mt in the second quarter of 2017.Construction on Yulin joint venture plant continues to progress, and plant remains on target for start-up in second half of 2017.Company is actively engaged in ongoing negotiations to defer company's remaining $169 million capital contributions (in Yulin JV) until after 2018.Says expect to remain near cash neutral throughout 2017, no debt maturities in 2017.  Full Article

REC Silicon posts second quarter loss on China-U.S. solar trade war

OSLO A U.S.-China trade dispute sent Norway's REC Silicon , a supplier to the solar industry, plunging to a quarterly loss on Thursday, but the company's shares rose after it indicated it would not need to issue new equity this year.