July 28, 2008
Evergreen Solar Completed the Redemption of 4.375% Convertible Subordinated Notes Due 2012
Evergreen Solar, Inc. (NasdaqGM: ESLR) announced today that it has completed the early redemption of its 4.375% convertible subordinated notes due 2012. The aggregate principal amount of the notes outstanding was $90 million.
All of the holders converted their notes into shares of the Evergreen Solar common stock at the conversion price of approximately $7.39 per share of common stock and the Company issued 12,178,609 shares of its common stock. None of the notes were redeemed for cash.
Evergreen Solar, Inc. develops, manufactures and markets String Ribbon(TM) solar power products using its proprietary, low-cost wafer technology. The company's patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar's products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the company, please visit www.evergreensolar.com.
EVERGREEN SOLAR, the Evergreen Solar logo and THINK BEYOND. are registered trademarks of Evergreen Solar, Inc. STRING RIBBON is a trademark of Evergreen Solar, Inc.