Item 1.02. Termination of a Material Definitive Agreement

On June 30, 2021, First Solar, Inc. (the "Company") terminated its Second Amended and Restated Credit Agreement (the "Revolving Credit Facility") with several financial institutions as lenders and JPMorgan Chase Bank, N.A. as administrative agent, which was set to mature in July 2022.

The secured Revolving Credit Facility provided the Company with an aggregate borrowing capacity of $500.0 million. Subject to certain conditions, the Company had the right to increase the aggregate commitments under the Revolving Credit Facility to $750.0 million. Borrowings under the Revolving Credit Facility bore interest at (i) London Interbank Offered Rate, adjusted for Eurocurrency reserve requirements, plus a margin of 2.00% or (ii) a base rate as defined in the credit agreement plus a margin of 1.00% depending on the type of borrowing requested.

In addition to paying interest on outstanding principal under the Revolving Credit Facility, the Company paid a commitment fee at a rate of 0.30% per annum, based on the average daily unused commitments under the facility. The Company also paid a letter of credit fee based on the applicable margin for Eurocurrency revolving loans on the face amount of each letter of credit and a fronting fee of 0.125%.

As of June 30, 2021, the Company had no borrowings under the Revolving Credit Facility and had $3.3 million in issued and outstanding letters of credits, which were moved to a bilateral facility upon termination of the Revolving Credit Facility.


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