* Extends 10 mln euros bank credit facility by 4 months
* Shares rise as much as 15 pct
Aug 7 (Reuters) - Arise Technologies Corp said it reached an agreement with Commerzbank AG to extend a 10 million euros ($14.4 million) secured bank credit facility by four months, sending its shares up as much as 15 percent.
Arise said Commerzbank also agreed to defer by one year the quarterly repayments of Arise's 12.6 million euros long-term debt facility, the company said in a statement.
'It certainly provides a window of opportunity to address our biggest concern, which is their working capital position,' Fraser Mackenzie analyst John Safrance told Reuters.
The Waterloo, Ontario-based solar technology company said in an email that the credit facility, which was previously extended to August 31, has now been extended to December 31.
The credit line combines two previously available banking agreements with Commerzbank.
One agreement provided the funding for Arise's photovoltaic (PV) cell manufacturing plant in Germany, while the other was used to buy silicon wafers.
The extension of the credit line will allow the company to raise additional equity or more debt, Safrance said.
Shares of the company were up 5.5 Canadian cents at 43 Canadian cents in midday trade Friday on the Toronto Stock Exchange.
($1=.6961 Euro)
(Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair) Keywords: ARISE/ (isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Shares rise as much as 15 pct
Aug 7 (Reuters) - Arise Technologies Corp said it reached an agreement with Commerzbank AG to extend a 10 million euros ($14.4 million) secured bank credit facility by four months, sending its shares up as much as 15 percent.
Arise said Commerzbank also agreed to defer by one year the quarterly repayments of Arise's 12.6 million euros long-term debt facility, the company said in a statement.
'It certainly provides a window of opportunity to address our biggest concern, which is their working capital position,' Fraser Mackenzie analyst John Safrance told Reuters.
The Waterloo, Ontario-based solar technology company said in an email that the credit facility, which was previously extended to August 31, has now been extended to December 31.
The credit line combines two previously available banking agreements with Commerzbank.
One agreement provided the funding for Arise's photovoltaic (PV) cell manufacturing plant in Germany, while the other was used to buy silicon wafers.
The extension of the credit line will allow the company to raise additional equity or more debt, Safrance said.
Shares of the company were up 5.5 Canadian cents at 43 Canadian cents in midday trade Friday on the Toronto Stock Exchange.
($1=.6961 Euro)
(Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair) Keywords: ARISE/ (isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
