Energy Conversion enters into exchange with holder of 3% convertibles

By Marisa Wong

Madison, Wis., Sept. 17 - Energy Conversion Devices, Inc. entered into an exchange agreement with a certain holder of its 3% convertible senior notes due 2013 on Sept. 13, according to an 8-K filing with the Securities and Exchange Commission.

The company agreed to exchange up to $10 million held by the noteholder for up to 1.46 million shares of the company's common stock, with the amount of stock and the amount of the notes to be exchanged to be determined based on a formula agreed with the company.

Under the formula, if the noteholder fails to sell the company's common stock or if such sales are below a specified threshold, it is possible that the company may not exchange any stock for the notes.

The company said it may, from time to time, conduct exchanges for additional notes.

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

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