April 21, 2010
Evergreen To Sell Debt To Pay Off Debt
By Matthew L. Brown
Marlborough-based solar panel manufacturer Evergreen Solar Inc. said it will offer $165 million in senior secured notes due in 2015 to purchase $124.5 million in senior notes due in 2013.
The remainder of the sale's proceeds will go toward general corporate purposes, the company said.
Sale of the notes is expected to close Monday and they are secured by a first priority lien "on substantially all of the assets owned by Evergreen Solar and the guarantors" with certain exceptions.
The notes mature in April 2015 and holders may require Evergreen to purchase their notes plus interest as of April 2013. The notes are convertible into Evergreen common stock.
WBJ Web Partners
Most Recent
Most Recent
0 Comments