Evergreen Solar calls its 4.375% convertibles due 2012

By Susanna Moon

Chicago, July 7 - Evergreen Solar Inc. said it will redeem its $90 million of 4.375% convertible subordinated notes due 2012.

The redemption date is July 22.

Evergreen Solar said it will pay par plus accrued interest to the redemption date.

Bondholders may convert the notes by 5 p.m. ET on July 21 at a price of $7.39, or at a rate of 135.318 shares of common stock per $1,000 principal amount of notes.

The company's stock (Nasdaq: ESLR) closed at $9.27 per share on July 7.

U.S. Bank NA (attn: Paula Oswald at 651 495-3918) is the paying and redemption agent.

Evergreen Solar issued the convertibles on June 27, 2005.

The issuer is a Marlboro, Mass.-based solar power company.

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