$300M Offering To Fund Evergreen Expansion
Marlborough-based Evergreen Solar Inc. said it intends to make an offering of $300 million in debt convertible to company shares or cash as a way to fund the completion of its new manufacturing facility in Devens.
Through a universal shelf registration, the company has notified the U.S. Securities and Exchange Commission of its intent to make the offering of its senior convertible notes, which come due in 2013. A shelf registration allows companies to comply with SEC registration requirements up to three years before making a public offering. The strategy allows companies to fulfill offering requirements in a down economy and make the actual offering quickly when the economy is more favorable.
The company said it will grant the offering's underwriters, Lehman Brothers Inc., the ability to purchase another $45 million in notes depending upon whether Lehman sells more than $300 million during the initial offering.
The company said proceeds from the offering would be used to complete the construction of, and equip, its new solar panel manufacturing facility in Devens, to begin construction of an additional manufacturing facility in Devens and for general corporate purposes.
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