By Sheri Kasprzak
Atlanta, Feb. 10 - Energy Conversion Devices Inc. said it plans to raise $87,802,500 in a private placement of stock.
The company will sell 5.09 million shares at $17.25 each.
The offering, which is being conducted for subsidiary ECD Ovonics, is scheduled to close Feb. 15.
Based in Rochester Hills, Mich., ECD Ovonics is a technology company in the energy and information fields focused on making new products from amorphous, disordered and related materials. The company plans to use the proceeds from the deal to double the manufacturing capacity of its United Solar Ovonic's triple-junction, thin-film amorphous silicon photovoltaic products and exercise an option to buy 4,376,633 of its shares at $4.55 each currently held by TRMI Holdings Inc. The remainder will be used for general corporate purposes.
| Issuer: | Energy Conversion Devices Inc.
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| Issue: | Stock
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| Amount: | $87,802,500
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| Shares: | 5.09 million
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| Price: | $17.25
|
| Warrants: | No
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 15
|
| Stock price: | $18.18 at close Feb. 10
|
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