May 15 (Reuters) - New Energy Solar Ltd NEW.AX :
* UNIT HAS CLOSED ON A US$23 MILLION SENIOR SECURED TERM LOAN WITH KEYBANK N.A AND $1.6 MILLION OF ASSOCIATED CREDIT SUPPORT
* NEW HAS HEDGED UNDERLYING LIBOR RATE FOR FULL DURATION OF LOAN TO FIX INTEREST RATE AT AN AVERAGE OF 4.1%
* PROCEEDS TO REPAY CO'S US$ CORPORATE REVOLVING CREDIT FACILITY AND IMPROVE COST, TENOR, DIVERSITY OF CO'S CAPITAL STRUCTURE