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

Evergreen Solar, Inc. announced the pricing of its offering of $165 million aggregate principal amount of its 13% convertible secured senior notes due 2015 to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933. The offering is expected to close on April 26, 2010, subject to satisfaction of customary closing conditions.

The notes will be senior secured obligations of Evergreen Solar. The notes will mature on April 15, 2015 unless earlier converted, repurchased or redeemed. Interest will be payable semi-annually at a rate of 13% per annum on each April 15 and Oct. 15, beginning on Oct. 15, 2010.

Evergreen Solar will use the net proceeds from this offering for the purchase of $124.5 million aggregate principal amount of its 4% convertible senior notes due 2013 concurrent with the closing of this offering, and intends to use the remainder of the net proceeds for general corporate purposes, working capital and capital expenditures for further expansion of its manufacturing facility in Wuhan, China.