ROBBINSVILLE, New Jersey, June 9 /PRNewswire/ --
EPV Solar, Inc. (the Company) today announced that it has successfully completed its private offer to exchange all of its 8% Convertible Senior Secured Notes due 2010 (the Old Notes) for new 1% Convertible Senior Secured PIK Notes due 2016 (the New Notes), shares of its common stock and warrants to purchase shares of its common stock (the Exchange Offer), and the related consent solicitation. As part of the Exchange Offer, holders of all of the Old Notes (representing approximately US$115 million in accreted value) exchanged such notes for the Company's New Notes, common stock and warrants. Including the US$7.5 million of New Notes sold to investors in a concurrent financing, the Company now has approximately US$48 million in aggregate principal amount of New Notes outstanding.
The Company's President and Chief Executive Officer, Mr. Scott T. Massie, said, We are delighted with the overwhelmingly positive response of our convertible note holders to our Exchange Offer. Our successful Exchange Offer is a critical milestone in positioning the Company as a leading provider of thin film solar modules and installations. The Exchange Offer will achieve an aggregate debt reduction of approximately US$67 million and a reduction in annual interest expense of approximately US$18.5 million through the original term of the Old Notes. We believe this transaction is in the best interests of our shareholders, bondholders and customers.
Trump Securities, LLC acted as the dealer manager, Convertible Capital, Inc., a division of Trump Securities, LLC, acted as the information agent, and the Bank of New York Mellon acted as exchange agent for the Exchange Offer. Trump Securities, LLC also acted as the placement agent in connection with the concurrent financing.
About EPV Solar
EPV Solar, Inc. is a New Jersey-based amorphous silicon thin-film solar module developer and manufacturer and currently sells its product to customers in grid-connected and off-grid markets in North America, Europe, and Asia Pacific. The Company is developing its Building Integrated Photovoltaics (BIPV) and Systems Integration sectors while pursuing its mission to remain one of the world's lowest-cost producers of solar modules.
Tom Werthan, Chief Financial Officer of EPV SOLAR, Inc., +1-609-587-3000, ext. 1102, t.werthan@epvsolar.com
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