First Solar enters $1.5 billion revolving credit facility, replacing existing agreement
First Solar entered a five-year, $1.5 billion senior unsecured revolving credit facility with JPMorgan Chase Bank as administrative agent, dated February 13, 2026. The company voluntarily terminated its existing senior secured revolver dated June 30, 2023 at the same time, and the collateral securing that prior facility was released. The new facility's terms, including covenants capping net leverage at 3.50 to 1.00 and requiring interest coverage of at least 3.00 to 1.00, will govern the company's borrowing capacity going forward.
Key points
- Facility size: $1.5 billion aggregate principal, with a $450 million sub-limit for letters of credit
- Pricing before an investment grade ratings trigger: Term SOFR plus 1.000% to 1.500% based on net leverage
- Covenants: net leverage not to exceed 3.50 to 1.00; interest coverage of at least 3.00 to 1.00
- Existing senior secured revolving credit agreement dated June 30, 2023 terminated; collateral released
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 19, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.