Reading the Evergreen Solar Report

From the Evergreen Solar (ESLR) 10-K released today:

In February 2011, we closed on an exchange offer for a portion of our existing 4% convertible notes totaling approximately $45.4 million in exchange for approximately $22.7 million in new 4% convertible notes. As a result of the exchange offer, after taking into account subsequent conversions of approximately $10.1 million of the new 4% convertible notes, we reduced our total indebtedness by approximately $32.8 million and our annual cash interest expense by approximately $1.3 million. 

We were already aware that a minority of holders of the old 4% notes accepted the exchange offer for the new 4% notes. [I don't think that was the right move.]

It is interesting to see that some of the new notes have converted into stock.