SunPower greenshoe exercised, raising convertibles to $225 million

By Devika Patel

Knoxville, Tenn., July 31 - SunPower Corp. announced it closed its offering of $225 million senior convertible debentures due Aug. 1, 2027, including exercise of the $25 million greenshoe.

SunPower originally sold $200 million of the convertibles after the close on July 25.

Credit Suisse Securities (USA) LLC and Lehman Brothers are joint bookrunners and Deutsche Bank Securities, Morgan Stanley & Co. Inc. and Cowen and Co. are co-managers for the registered transaction.

The deal priced with a 0.75% coupon and a 27.5% initial conversion premium.

In addition the greenshoe on a concurrent stock offering was exercised, raising it to $173.8 million.

Proceeds will be used for general corporate purposes, including working capital and capital expenditures for the expansion of SunPower's solar cell fabrication and panel manufacturing facilities.

SunPower is a San Jose, Calif.-based maker of solar cells, solar panels and solar systems.

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