Energy Conversion to issue more stock in exchange for 3% convertibles

By Susanna Moon

Chicago, Dec. 30 - Energy Conversion Devices, Inc. agreed to issue shares in exchange for $6.5 million of its 3% convertible senior notes due 2013, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the exchange agreement with a holder on Dec. 29 to issue 1,069,792 common shares along with cash for accrued interest on the notes through the exchange date.

The offer is expected to close on Dec. 31.

Energy Conversion closed a previous exchange offer for $14.5 million of the convertibles on Dec. 30. The company issued 2,331,563 common shares in exchange for those notes.

The company said may conduct additional exchange offers from time to time.

Energy Conversion said on Dec. 17 that it agreed to exchange up to $14.5 million of the convertibles for up to 2,386,000 common shares.

The amount of stock and the amount of the notes to be exchanged was to be based on a formula.

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

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