Hoku Scientific, Inc (HOKU) Announces Progress on Financing Polysilicon Plant
Hoku Scientific, Inc. (HOKU) announced that the company has signed a non-binding term sheet agreement with Merrill Lynch for the company's wholly owned subsidiary, Hoko Materials Inc. Per the terms of this agreement, Hoku will able to borrow approximately $185 million for the construction and startup for their polysilicon production in Pocatello, Idaho. However, the closing of this loan and the availability of funds is still subject to several conditions, including the completion of due diligence, the negation of loan and collateral documents, and the receipt of third part consent. "Signing this term sheet is a milestone step towards financing…