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07/08/2008 06:57 AM
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Evergreen Solar to Redeem $90M in Convertible Notes
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Evergreen Solar, Inc. (NasdaqGM: ESLR) announced today that on July 22, 2008 (the redemption date) it will redeem in full its 4.375% convertible subordinated notes due 2012. The aggregate principal amount of the notes outstanding is approximately $90 million.
On the redemption date, the notes will be redeemed at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
Alternatively, on or prior to 5:00 p.m., Eastern time, on July 21, 2008, holders may elect to convert their notes into shares of the Evergreen Solar common stock at a conversion price of approximately $7.39 per share of common stock (which is equal to a conversion rate of approximately 135.318 shares of common stock per $1,000 principal amount of notes).
The last reported sale price of the Evergreen Solar's common stock on the Nasdaq Global Market on July 7, 2008 was $9.27 per share.
Any notes not converted on or before 5:00 p.m. on July 21, 2008, will be automatically redeemed on July 22, 2008, at which time interest will cease to accrue.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products using proprietary, low-cost manufacturing technologies. The Company's patented crystalline silicon wafer technology uses significantly less silicon than conventional approaches. Evergreen Solar's products provide environmentally clean electric power for residential and commercial applications globally.
Website: http://www.evergreensolar.com
