Evergreen Solar Announces the Closing of $165 Million of its 13% Convertible Senior Secured Notes Due 2015

MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (NasdaqGM: ESLR) today announced that it has closed an offering of $165 million aggregate principal amount of its 13% Convertible Senior Secured Notes due 2015 to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Notes were offered and issued in a private placement and were resold inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933. Piper Jaffray managed the offering.

Evergreen Solar used a portion of the $159.1 million net proceeds from this offering to purchase $124.5 million of aggregate principal amount of its 4% Convertible Senior Notes due 2013. The company intends to use the remainder of the net proceeds, approximately $75 million, for general corporate purposes, working capital and capital expenditures for further expansion of its manufacturing facility in China.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of these securities (including Evergreen Solar’s common stock into which the notes will be convertible), nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.