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23.6.2005: Evergreen Solar, Inc.: Proposed Offering of Convertible Subordinated Notes
Evergreen Solar Announces Proposed Offering of Convertible Subordinated Notes
MARLBORO, Mass., Jun 22, 2005 -- Evergreen Solar, Inc. (Nasdaq: ESLR) today announced that it intends to offer, subject to market conditions and other factors, $75 million aggregate principal amount of convertible subordinated notes due 2012, through a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes will be convertible into shares of common stock of Evergreen Solar.
The interest, conversion rate and offering price will be determined by negotiations between Evergreen Solar and the initial purchasers of the notes. Evergreen Solar expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional approximately $15 million aggregate principal amount of the notes.
Evergreen Solar intends to use the net proceeds from this proposed offering for general corporate purposes, including capital expenditures, research and development and potential investments in and acquisitions of complementary businesses, partnerships, minority investments, products or technologies, to fund further enhancements of its operating infrastructure and manufacturing capacity increases and for working capital.
SOURCE: Evergreen Solar, Inc.
Evergreen Solar, Inc.
Richard G. Chleboski, 508/357-2221 x 708
[email protected]
or
Sharon Merrill Associates, Inc.
Investors/Media:
Jim Buckley, 617-542-5300
[email protected]
MARLBORO, Mass., Jun 22, 2005 -- Evergreen Solar, Inc. (Nasdaq: ESLR) today announced that it intends to offer, subject to market conditions and other factors, $75 million aggregate principal amount of convertible subordinated notes due 2012, through a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes will be convertible into shares of common stock of Evergreen Solar.
The interest, conversion rate and offering price will be determined by negotiations between Evergreen Solar and the initial purchasers of the notes. Evergreen Solar expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional approximately $15 million aggregate principal amount of the notes.
Evergreen Solar intends to use the net proceeds from this proposed offering for general corporate purposes, including capital expenditures, research and development and potential investments in and acquisitions of complementary businesses, partnerships, minority investments, products or technologies, to fund further enhancements of its operating infrastructure and manufacturing capacity increases and for working capital.
SOURCE: Evergreen Solar, Inc.
Evergreen Solar, Inc.
Richard G. Chleboski, 508/357-2221 x 708
[email protected]
or
Sharon Merrill Associates, Inc.
Investors/Media:
Jim Buckley, 617-542-5300
[email protected]