SAN JOSE, Calif., Dec. 23, 2020 /PRNewswire/ -- SunPower
Corporation (NASDAQ:SPWR) (the "Company" or
"SunPower") today announced the expiration and final results
of its previously announced tender offer (the "Offer") to
purchase any and all of its outstanding 0.875% Convertible Senior
Debentures due 2021 (CUSIP Nos. 867652 AJ8 and 867652 AH2) (the
"Convertible Debentures").
The Offer expired at 12:00 midnight, New York City time (the last minute of the
day), on Tuesday, December 22, 2020.
As of the expiration of the Offer, $238,949,000 aggregate principal amount of the
Convertible Debentures, representing approximately 79.23% of the
total Convertible Debentures outstanding, including $193,561,000 aggregate principal amount of the
Convertible Debentures held by Total Solar INTL SAS, an affiliate
of Total SE ("Total"), of which the Company is a
majority-owned subsidiary, were validly tendered (and not validly
withdrawn). The Company has accepted for purchase all Convertible
Debentures that were validly tendered (and not validly withdrawn)
pursuant to the Offer at the expiration of the Offer at a purchase
price equal to $1,000 per
$1,000 principal amount of
Convertible Debentures, plus accrued and unpaid interest.
The Company expects to pay approximately $239.1 million for the purchase of the
Convertible Debentures, including interest, on the settlement date
of December 24, 2020. After
settlement, $62,634,000 aggregate
principal amount of the Convertible Debentures will remain
outstanding.
The Company currently intends to repay any Convertible
Debentures that remain outstanding on the maturity date of the
Convertible Debentures with available cash.
BofA Securities, Inc. acted as sole dealer manager in connection
with the Offer. D.F. King & Co., Inc. acted as the Information
Agent for the Offer.
This press release is for informational purposes only and is
neither an offer to buy nor the solicitation of an offer to sell
any of the Company's securities.
About SunPower
Headquartered
in California's Silicon Valley, SunPower (NASDAQ:SPWR) is
a leading Distributed Generation Storage and Energy Services
provider in North America. SunPower offers the only solar +
storage solution designed and warranted by one company that gives
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners,
businesses, governments, schools and utilities. For more
information, visit www.sunpower.com.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding settlement of the tender offer and
statements regarding repaying any Convertible Debentures that
remain outstanding with available cash. These forward-looking
statements are based on our current assumptions, expectations and
beliefs and involve substantial risks and uncertainties that may
cause results, performance or achievement to materially differ from
those expressed or implied by these forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, challenges in executing transactions and
managing stakeholder relationships. A detailed discussion of these
factors and other risks that affect our business is included in
filings we make with the Securities and Exchange Commission (SEC)
from time to time, including our most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk
Factors." Copies of these filings are available online from
the SEC or on the SEC Filings section of our Investor Relations
website at investors.sunpower.com. All forward-looking
statements in this press release are based on information currently
available to us, and we assume no obligation to update these
forward-looking statements in light of new information or future
events.
©2020 SunPower Corporation. All rights reserved. SUNPOWER and
the SUNPOWER logo are trademarks or registered trademarks of
SunPower Corporation in the U.S.
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SOURCE SunPower Corp.