Evergreen Solar, Inc. (NasdaqCM: ESLR), a manufacturer of String Ribbon ® solar power products with its proprietary, low-cost silicon wafer technology, announced today that it has extended the expiration date for its offers to exchange (i) in an aggregate principal amount of up to $100,000,000 of the new 4.0% Convertible Subordinated Notes due 2020 Additional Cash, or the new 4% of the notes, for an aggregate principal amount of up to $200,000,000 of its 4.0% Senior Convertible Notes due 2013, or 4% of the existing notes, and (ii) in an aggregate principal amount of up to $165,000,000 of the new 7.5% Convertible Senior Secured Notes due 2017, or the new 7.5% of the total number of notes, for an aggregate principal amount of up to $165,000,000 of its 13% Convertible Senior Secured 0 Notes due 2015, or 13% of the existing notes, and the related consent solicitation.
The new expiration date for the offer and consent solicitation is 5: 00 p.m., New York City time, on the other hand, is Friday, February 11, 2011.
Based on a preliminary count provided to the Company by the exchange agent, as of 11: 59 p.m., New York City time, February 9, 2011, the holders of approximately $ 64 million aggregate principal amount of 4% of the existing notes (or approximately 26% of the existing 4% of the outstanding notes) had tendered for exchange, and holders of approximately $ 79 million aggregate principal amount of the existing 13% notes (or approximately 48% of the existing 13% notes outstanding) had tendered for exchange and had delivered consents to the proposed amendments to the indenture governing the notes of the existing 13%.
As previously announced, at a meeting of the Company’s stockholders held today, February 9, the Company’s stockholders approved the specific terms of the proposed exchange offers as required by Nasdaq Marketplace Rule 5635. As such, the Company will either close the current exchange offers is Friday, February 11 at 5: 00pm, New York time, or terminate the offers if their respective conditions are not met.
Lazard Capital Markets LLC is serving as the dealer manager for the exchange offers and consent solicitation. The information agent for the exchange offers and consent solicitation is The Proxy Advisory Group, LLC and the exchange agent for the exchange offers and consent solicitation is U.S. Bank National Association.
Where You Can Find Additional Information
Details regarding the terms and conditions of the exchange offers and consent solicitation, including descriptions of the new notes and the material differences between the new notes and the existing notes, can be found in the post-effective amendment to the Company’s registration statement that has been filed with the Securities and Exchange Commission (SEC) and in a tender offer statement on Schedule TO, as amended, that has been filed with the SEC. Any investor holding the Company’s existing 4% of the notes or existing 13% notes should carefully read the registration statement, the tender offer statement and other documents, the Company has filed or will file with the SEC, including the related letter of transmittal and consent, for more complete information about the Company, the exchange offers and the consent solicitation.
The registration statement, the tender offer statement on Schedule TO, as amended, and other related documents can be obtained for free from the SEC’s Electronic Document Gathering and Retrieval (EDGAR) System, which may be accessed at http://www.sec.gov. Documents are also available for free upon written or oral request made to the office of the Corporate Secretary, Evergreen Solar, Inc., 138 Bartlett Street, Marlboro, Massachusetts 01752 (Telephone (508) 357-2221) and from the Company’s website at http://www.evergreensolar.com, or the information agent for The Proxy Advisory Group, LLC, at (212) 616-2180.
Neither the Company, its officers, its board of directors, the dealer manager for the exchange agent nor the information agent is making any recommendation as to whether holders should tender their existing notes for exchange pursuant to the exchange offers or deliver a consent pursuant to the consent solicitation.