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EPV Solar again extends exchange offer for 8% convertible PIK notes
By Jennifer Chiou
New York, May 27 - EPV Solar, Inc. said it extended for an eighth time its private offer to exchange its 8% convertible senior secured notes due 2010 for new 1% convertible senior secured pay-in-kind notes due 2016, stock and warrants.
EPV is also conducting a consent solicitation.
Following the latest extension, the exchange now expires at 4 p.m. ET on May 27. The deadline has been extended from 11:59 p.m. ET on May 26, May 18, May 11, May 4, April 27, April 13 and March 30. It was originally due to end at 5 p.m. ET on March 16.
As of 5:45 p.m. ET on May 26, holders had tendered $71.6 million, or 75%, of the notes.
On May 18, investors had tendered $67.3 million, or 70.5%, of the notes, up from $66.5 million, or 69.7%, on May 11, and $52.6 million, or 55.2%, on May 4. That was also up from $50.5 million, or 52.9%, as of April 27, $33.5 million, or 35.1%, of the notes as of April 13 and $18.1 million, or 19%, of the notes on March 30.
The exchange is being conducted under Rule 144A.
EPV Solar is a Robbinsville, N.J.-based developer and manufacturer of amorphous silicon thin-film solar modules.
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