Evergreen Solar to Sell Additional Convertible Notes Due 2012

June 27, 2005 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer of photovoltaic (PV) products, announced that the initial purchasers of its recent offering of $75 million aggregate principal amount of 4.375% convertible subordinated notes due 2012 have exercised in full the option to purchase an additional $15 million aggregate principal amount of such notes. The initial purchasers' exercise of the option brings the total offering size to $90 million.

Evergreen Solar intends to use the net proceeds from the 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.