LDK Solar (LDK) Raises Q2 Solar Shipment Estimates; Revenues Light

July 2, 2009 4:20 PM EDT

LDK Solar Co., Ltd. (NYSE: LDK) provided an updated outlook for the second quarter ended June 30, 2009. For the second quarter of 2009, LDK Solar estimates shipments between 220 and 230 megawatts ("MW"). This compares to its previously issued guidance for the second quarter of 2009 of wafer shipments in the range of 200 to 220 MW. The company expects to record between $215 and $225 million in revenues. (Q2 Revenue consensus is $247.19M)

LDK Solar additionally provided an update on its financing activities. The company secured a loan in the aggregate principal amount of RMB 500 million (equivalent to approximately US$73 million), with a term of one year, from The Export-Import Bank of China. The company also secured a loan in the aggregate principal amount of RMB 500 million (equivalent to approximately US$73 million), with a term of three years, from Huarong International Trust Co., Ltd. to support LDK Solar's polysilicon plant construction. Huarong International Trust Co., Ltd. is a state-controlled company permitted under the relevant PRC laws and regulations to provide enterprises with financing facilities. LDK Solar had a healthy cash position of more than $250 million and pledged bank deposits and time deposits of more than $170 million as of June 30, 2009.[SM]

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