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

  • 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.
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