Energy Conversion may swap $14.5 million of 3% convertibles for shares

By Devika Patel

Knoxville, Tenn., Dec. 17 - Energy Conversion Devices, Inc. agreed to exchange up to $14.5 million of its 3% convertible senior notes due 2013 for up to 2,386,000 common shares, according to an 8-K filed Friday with the Securities and Exchange Commission.

The exchange agreement was negotiated with the single investor on Dec. 17. The amount of stock and the amount of the notes to be exchanged will be determined based on a formula. Under the formula, it is possible the company may not exchange any stock for the notes.

Energy Conversion Devices is a Rochester Hills, Mich.-based maker of thin-film flexible solar laminate products for buildings.

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