Corning said its wholly owned subsidiary Solar Technology LLC entered into agreements, including a Transaction Agreement, for the construction and leasing of a manufacturing facility in Hemlock, Michigan, on March 12, 2024.

1. 01

   Corning said its wholly owned subsidiary Solar Technology LLC entered into agreements, including a Transaction Agreement, for the construction and leasing of a manufacturing facility in Hemlock, Michigan, on March 12, 2024.

2. 02

   The company said it expects construction costs for the facility not to exceed $835 million, and that construction is expected to be completed about 26 months after it begins.

3. 03

   The company said the lease term after construction is about 5 years, and that unless Solar Technology is in default, it must elect by at least 120 days before the end of the term to extend the lease for 5 years with the consent of BAL and the other participant interest parties, purchase the facility, or arrange a sale to a third party. It said Solar Technology may elect to purchase the leased property on any payment date after the 2nd anniversary of the base term commencement date, with at least 30 days' notice.

4. 04

   The company said Corning will guarantee Solar Technology LLC's contractual obligations under a Company Guaranty, and that the transaction documents contain financial and operating covenants substantially similar to those in the Credit Agreement dated June 6, 2022.

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