Energy Conversion greenshoe fully exercised, lifts 3% five-year convertibles to $316.3 million

By Devika Patel

Knoxville, Tenn., June 24 - Underwriters for Energy Conversion Devices, Inc.'s 3% five-year convertible senior notes exercised their over-allotment option in full for $41.3 million more of the notes, increasing the size of the issue to $316.3 million, the company said in a news release.

As previously reported, the company sold the convertibles at par in a registered off-the-shelf deal on June 18 after the close via bookrunners Credit Suisse Securities (USA) LLC and UBS Securities LLC.

The notes had an initial conversion premium of 27.5% and a conversion price of $91.80, which equals a conversion ratio of 10.8932.

There was a concurrent $91.44 million public offering of 1,460,500 common shares at $72 per share.

The convertibles are non-callable and may not be put.

They have dividend and takeover protection.

Energy Conversion, a Rochester Hills, Mich.-based maker of thin-film flexible solar laminate products for buildings, said it will use the proceeds to expand its solar laminate production.

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