SunPower accepts $238.95 million of tendered 0.875% convertibles

By Taylor Fox

New York, Dec. 23 – SunPower Corp. announced the expiration and final results of its cash tender offer to purchase any and all outstanding 0.875% convertible senior debentures due June 1, 2021 (Cusip: 867652AJ8), according to a news release.

As previously reported, as of Nov. 23, there was $301,583,000 principal amount of the convertible debentures outstanding.

As of the 12 a.m. ET Dec. 22 expiration, $238,949,000, or 79.23% of the outstanding debentures, including $193,561,000 of the debentures held by Total Solar INTL SAS, were validly tendered and accepted by SunPower.

The company will pay par plus accrued interest up to but excluding the payment date for a total of $239.1 million.

Following the settlement, $62,634,000 of the debentures will remain outstanding.

SunPower currently intends to repay any convertible debentures that remain outstanding on the maturity date with available cash.

The company said it expects to fund the tender offer with cash on hand, including proceeds from sales in the fourth quarter of 2020 of up to 1 million of its shares of Enphase Energy, Inc. common stock.

The settlement date will be Dec. 24.

BofA Securities, Inc. (980 387-9534, debt_advisory@bofa.com) is the dealer manager for the tender offer.

D.F. King & Co., Inc. (866 856-3065, 212 269-5550 or sunpower@dfking.com) is the information agent.

SunPower is a solar energy storage and services company based in San Jose, Calif.

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