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 Financing plan means dilution

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Company: Evergreen Solar (ESLR)
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edit Financing plan means dilution

Top Contributor: Jack Bass | Created when ESLR was $9.72 | Edit | History

Marlboro, Mass.-based Evergreen Solar announced the pricing of a secondary public offering of $325.0 million in senior convertible notes, due in five years, to raise equity for the solar-power-panel plant in Devens, Mass. The notes will pay 4.0% interest.

Investors, concerned about a potential dilutive effect to their shareholdings, knocked the stock down 7.6%, or 82 cents, to $10.01, in late- afternoon trading in New York - June 27th

Evergreen granted underwriters a 30-day option to purchase up to an additional $48.8 million worth of notes if the offering is oversold.

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