JA Solar obtains $90M credit facility from state bank, shares higher

|About: JA Solar Holdings, Co., Ltd. (JASO)|By:, SA News Editor

JA Solar (JASO +6.2%) and "related party" Jinglong Group have obtained an RMB550M ($90M) credit facility from the state-owned Bank of Communications of China. JA only says it plans to use the proceeds for "working capital and general corporate purposes."

JA had $882M in debt on its balance sheet at the end of Q1, and $503M in cash/investments.