Evergreen Solar offers $75 million convertibles at 3.875%-4.375%, up 20%-25%

Princeton, N.J., June 22 - Evergreen Solar, Inc. launched $75 million of seven-year convertible subordinated notes that are expected to price after the close on Thursday, according to a syndicate source.

Sole bookrunner of the Rule 144A deal is SG Cowen & Co.

Price talk on the seven-year notes was seen at 3.875% to 4.375%, with an initial conversion premium of 20% to 25%, the source said.

The deal, which has three-year hard call and two-year soft call protection, includes a $15 million greenshoe.

The Marlboro, Mass.-based solar power company intends to use net proceeds for general corporate purposes, including capital expenditures, research and development, and potential investments in and acquisitions of complementary businesses, partnerships, minority investments, products or technologies, and for working capital.

Shares of Evergreen Solar were down 18 cents, or 2.61%, to $6.71 on Wednesday. The shares dropped in after-hours trading by another 41 cents, or 6.11%.

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