SAN JOSE, Calif. and
SINGAPORE, July 20, 2020 /PRNewswire/ -- Maxeon Solar
Technologies, Ltd., currently a wholly owned subsidiary of SunPower
Corp. (NASDAQ:SPWR), announced that it has issued $200 million in aggregate principal amount of its
6.50 percent green convertible senior notes due 2025. The company
also announced its entry into term and working capital loan
facilities with a borrowing capacity of $125
million with a syndicate of lenders.
"The strong investor and lender interest in our planned spin-off
of Maxeon Solar Technologies from SunPower reinforces our strategy
that the time is right for our planned transaction," said
Tom Werner, SunPower CEO and
chairman of the board. "This innovative convertible issuance and
securing the borrowing capacity under the loan facilities were some
of the final steps needed to complete this transaction, which we
expect to close this quarter."
The $200 million in gross proceeds
exceeded the amount of the initial offering as the purchasers
exercised a $15 million overallotment
option. Maxeon will receive approximately $151.7 million in net proceeds after funding a
$40 million forward stock purchase
transaction, discounts and commissions and estimated offering
expenses. Maxeon's syndicated loan facilities include a
$55 million term loan facility,
$50 million working capital facility,
and an additional $20 million term
loan facility, each of which mature and are repayable in full on
July 14, 2023.
About Maxeon Solar Technologies
Following the Maxeon
spin-off, Maxeon will be one of the world's leading global
manufacturers and marketers of premium solar power technology.
Maxeon will continue the decades long SunPower technological
innovation legacy and will operate an industry-leading sales and
distribution channel across six continents. Headquartered in
Singapore, Maxeon manufactures its
solar cells in Malaysia and
the Philippines, assembles solar
cells into panels in France,
Mexico and China (through its joint venture, Huansheng),
and sells its products in over 100 countries.
About SunPower
As one of the world's most innovative
and sustainable energy companies, SunPower Corporation
(NASDAQ:SPWR) provides a diverse group of customers with complete
solar solutions and services. Residential customers, businesses,
governments, schools and utilities around the globe rely on
SunPower's more than 30 years of proven experience. From the first
flip of the switch, SunPower delivers maximum value and superb
performance throughout the long life of every solar system.
Headquartered in Silicon Valley, SunPower has dedicated,
customer-focused employees
in Africa, Asia, Australia, Europe, North
and South America.
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 the anticipated spin-off of Maxeon
and TZS's investment therein, including timing and certainty and
the anticipated benefits of the transaction. 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 key to
our strategic plans, including regulatory, logistical, and other
challenges that may arise, other closing conditions and approvals
related to the transaction, and risks relating to Maxeon's
business, including those described in Maxeon's registration
statement on Form 20-F that is on file with the Securities and
Exchange Commission (SEC). A detailed discussion of these factors
and other risks that affect our business is included in filings we
make with the 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,
MAXEON and the SUNPOWER logo are registered trademarks of SunPower
Corporation in the U.S. and other countries as well.
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SOURCE SunPower Corp.