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EPV Solar exchanges all 8% convertible PIK notes in offer
New York, June 8 - EPV Solar, Inc. said it completed 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.
All $115 million accreted value of the old notes were tendered.
EPV also sold $7.5 million of new notes to investors in a concurrent financing.
Following the transactions, EPV has $48 million of new notes outstanding.
Through the exchange, EPV cut its debt by $67 million and its annual interest expense by $18.5 million.
The offer, along with a consent solicitation, was extended nine times before being completed.
Following the last extension on May 28, the offer expiration was 5 p.m. ET on May 28. The deadline was been extended from 4 p.m. ET on May 27, 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 4 p.m. ET on May 27, holders had tendered $74.2 million, or 77.8%, of the notes.
At 5:45 p.m. ET on May 26, holders had tendered $71.6 million, or 75.0%, 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 19.0%, of the notes on March 30.
The exchange is being conducted under Rule 144A.
Trump Securities, LLC was dealer manager, Convertible Capital, Inc., a division of Trump Securities, was information agent, and Bank of New York Mellon acted as exchange agent for the Exchange Offer. Trump Securities, LLC also acted as placement agent for the concurrent financing.
EPV Solar is a Robbinsville, N.J.-based developer and manufacturer of amorphous silicon thin-film solar modules.
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