This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Evergreen Solar Announces Expiration And Results Of Exchange Offers And Consent Solicitation

Evergreen Solar, Inc. (NasdaqCM: ESLR), a manufacturer of String Ribbon ® solar power products with its proprietary, low-cost silicon wafer technology, today announced the expiration and results of its offer to exchange (i) an aggregate principal amount of up to $100,000,000 of new 4.0% Convertible Subordinated Additional Cash Notes due 2020, or the new 4% notes, for an aggregate principal amount of up to $200,000,000 of its 4.0% Senior Convertible Notes due 2013, or the existing 4% notes, and (ii) an aggregate principal amount of up to $165,000,000 of new 7.5% Convertible Senior Secured Notes due 2017, or the new 7.5% notes, for an aggregate principal amount of up to $165,000,000 of its 13.0% Convertible Senior Secured Notes due 2015, or the existing 13% notes, and the related consent solicitation.

The exchange offers and consent solicitation expired at 5:00 p.m., New York City time, on February 11, 2011.

Exchange Offer for Existing 4% Notes

U.S. Bank National Association, the exchange agent for the exchange offers and consent solicitation, advised the Company that as of the expiration date, holders of approximately $45.4 million aggregate principal amount of the existing 4% notes had tendered, and not withdrawn, existing 4% notes for exchange. Because the total principal amount of existing 4% notes tendered is less than the maximum amount the Company would accept in the exchange offer for the existing 4% notes, all of the existing 4% notes validly tendered and not withdrawn have been accepted for exchange pursuant to the terms of this exchange offer.

Based on the modified “Dutch auction” process described in the Company’s Prospectus dated February 9, 2011, the clearing exchange ratio for this exchange offer is $500 principal amount of new 4% notes per $1,000 principal amount of exiting 4% notes.

An aggregate principal amount of approximately $203.8 million of existing 4% notes will remain outstanding following the consummation of the exchange offer, and approximately $22.7 million in principal amount of new 4% notes will be issued to holders whose existing 4% notes were accepted for exchange. The aggregate principal amount of new 4% notes issued to any holder will be rounded down to the nearest $1,000 and any fractional portion of new 4% notes will be paid in cash.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs