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[HOKU] Hoku Scientific

Symbol: HOKU
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9/4/2008 04:10pm
Hoku Scientific Signs ten-year, $455M polysilicon supply deal with Solargiga in China

- The contract provides for the delivery of predetermined volumes of polysilicon each year, with the first shipment in Q1 of 2010 and the remainder over a ten-year period at set prices that will decline throughout the term of the agreement.
- The contract also provides for a deposit of $22M to Hoku within 15 days, and requires that Solargiga make additional deposits for products in the amount of $21M by December 20, 2008, $20M by March 31, 2009, and $5M upon first shipment.
- Under the agreement, Hoku will grant to Solargiga a security interest in its polysilicon assets to secure Hoku's obligation to repay $68M to Solargiga as a credit against product shipments over time.


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