24.6.2005: Meldung: Evergreen Solar, Inc.: Pricing of $75 Million Convertible Subordinated Note Offering
MARLBORO, Mass.-- June 24, 2005--Evergreen Solar, Inc. (Nasdaq: ESLR) today announced the pricing of its offering of $75 million aggregate principal amount of convertible subordinated notes due 2012 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes will bear interest at a rate of 4.375% per year and will be subordinated to all existing and future senior debt of Evergreen Solar. Evergreen Solar has granted to the initial purchasers of the notes a 30-day option to purchase up to an additional $15 million aggregate principal amount of the notes. The sale of the notes is expected to close on June 29, 2005.
The notes are convertible into shares of common stock of Evergreen Solar at an initial conversion rate of 135.3180 shares per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $7.39, subject to adjustment. The initial conversion price represents a premium of approximately 20% relative to the last reported sale price of common stock of Evergreen Solar on the Nasdaq National Market of $6.16 on June 23, 2005.
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.
The notes and common stock issuable upon conversion of the notes have not been registered under the Securities Act of 1933 or applicable state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
CONTACT: Evergreen Solar, Inc.
Richard G. Chleboski, 508-357-2221 x708
Chief Financial Officer
Sharon Merrill Associates, Inc.
Jim Buckley, 617-542-5300
Executive Vice President
SOURCE: Evergreen Solar, Inc.