SunPower secures US$400 million in debenture deal

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
SunPower plans to use the net gains from the deal to further a number a corporate ventures. Image: SunPower

SunPower has announced that it has closed its private offering of US$400 million aggregate principal amount of its 4.00% senior convertible debentures due 2023.

The initial purchasers of the debentures have opted to buy an additional US$25 million aggregate principal amount of debentures, which is expected to close on December 18 2015 — subject to customary closing conditions.

Total Energies Nouvelles Activites USA, a subsidiary of Total S.A. that owns around 57.5% of SunPower’s outstanding common stock, bought US$100 million in the aggregate principal amount of the $400 million aggregate principal amount of the debentures included in this offering.

SunPower plans to use the net gains from this deal for general corporate purposes, including pursuing its HoldCo and YieldCo ventures, capital expenditures, working capital, retirement of existing indebtedness and funding potential acquisitions.

The debentures will pay interest at a semi-annually rate on January 15 and July 15 of each year, starting on July 15, 2016, at a rate of 4.00% per annum — which will mature on Janurary 15, 2023, unless earlier converted, redeemed or repurchased.

Read Next

July 14, 2021
Maxeon Solar Technologies has expanded its AC Energy Solutions portfolio with the launch of a new module for the rooftop solar market.
June 3, 2021
Danish renewables developer Ørsted has said it plans to invest DKK 350 billion (US$57 billion) by 2027 to reach 50GW of installed clean energy capacity by the end of the decade.
May 24, 2021
Maxeon Solar Technologies saw its opening quarter loss widen by 22% year-on-year as materials and logistics costs continue to be a thorn in the side of solar manufacturers.
May 7, 2021
US solar installer SunPower expects deployment to surge in the coming quarters as tailwinds and refreshed business strategy combine, despite installs within its core residential and light commercial (RLC) segment dropping in Q1 2021.
April 29, 2021
The Solar Energy Industries Association (SEIA) has unveiled a new tool to make it easier for solar developers to trace where their modules and technologies are made and ensure an ethical supply chain.
April 29, 2021
Sunnova has reported a surge in Q1 2021 revenue as the US residential solar installer lauded its software and services capabilities.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021