July 8, 2008
Evergreen Calls For Bond Redemption
By Matthew L. Brown
Evergreen Solar Inc. of Marlborough says that on July 22, the company will redeem convertible short-term bonds worth approximately $90 million.
The bonds are subordinate to the company's other loans and are scheduled to come due in 2012. Holders of the Evergreen notes can convert them into shares of Evergreen common stock at a discount price of $7.39 per share anytime before 5 p.m. July 21.
Evergreen common stock was trading at $8.97 per share this morning.
The company is in the midst of building a massive solar panel manufacturing facility in Devens. The company recently raised about $300 million through the sale of convertible notes to fund the Devens expansion.
WBJ Web Partners
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