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Evergreen Solar to offer $300M of senior convertible notes

25 June 2008 | Fab and Facilities: News From Around The Web | Source: moneyam.com
Evergreen Solar Inc. late Tuesday said it has filed a universal shelf registration statement to offer $300 million of senior convertible notes due 2013. The company said the underwriters, Lehman Brothers, will have a 30-day option to buy up to an additional $45 million of notes.

Evergreen Solar plans to use the net proceeds from the notes offering to complete the construction of its solar panel manufacturing facility in Devens, Mass., to begin construction of a manufacturing facility that will produce heat resistant string; and for general corporate purposes. Shares of Marlboro, Mass.-based Evergreen Solar fell 50 cents, or 4.2%, to close at $11.57.

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