Evergreen Solar greenshoe fully exercised, lifts 4% five-year convertibles to $373.75 million

By Devika Patel

Knoxville, Tenn., July 7 - Underwriters for Evergreen Solar Inc.'s 4% five-year senior convertible notes exercised their over-allotment option in full for $48.75 million more of the notes, increasing the size of the issue to $373.75 million, the company said in an 8-K filed Monday with the Securities and Exchange Commission.

As previously reported, the company sold the convertibles on June 26 via bookrunner Lehman Brothers Inc.

The notes have an initial conversion premium of 27.5% and a conversion price of $12.11, which equals a conversion ratio of 82.5593.

The notes are non-callable with no puts.

Proceeds will be used to complete Evergreen's Devens, Mass., integrated solar panel manufacturing plant, to begin construction of a manufacturing facility that will produce heat resistant string to be used in the manufacturing of Evergreen Solar's wafers, and for general corporate purposes, including purchases of or prepayments of polysilicon and other raw materials, and for working capital.

Marlboro, Mass.-based Evergreen Solar makes solar power panels.

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