SAN JOSE, Calif.
May 29, 2013
/PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) today announced that it has closed the previously announced private offering of
aggregate principal amount of its 0.75% senior convertible debentures due 2018.
Total Gas & Power
, SAS, a subsidiary of Total S.A. that owns approximately 65% of SunPower's outstanding common stock, purchased
aggregate principal amount of the debentures.
SunPower intends to use the proceeds from the offering for general corporate purposes, which may include redeeming or repurchasing some of its outstanding debentures and working capital.
The debentures will pay interest semi-annually on
of each year, beginning on
December 1, 2013
, at a rate of 0.75% per annum, and will mature on
June 1, 2018
. The debentures will be convertible into shares of SunPower's common stock at any time based on an initial conversion rate of 40.0871 shares of SunPower's common stock per
principal amount of debentures (which is equivalent to an initial conversion price of approximately
per share of SunPower's common stock), representing a conversion premium of approximately 30% over the closing sale price of
per share of SunPower's common stock on the NASDAQ Global Select Market on
May 22, 2013
. The conversion rate (and the conversion price) will be subject to adjustment in certain circumstances. Holders of the debentures may cause SunPower to purchase all or a part of their debentures upon the occurrence of a "fundamental change" (as defined in the indenture governing the debentures). SunPower may not redeem the debentures prior to the occurrence of a "non-stock change of control fundamental change" (as defined in the indenture governing the debentures).
The debentures were offered and sold in a private placement only to qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933 (the "Act"), and to Total Gas & Power
, SAS, which is an institutional accredited investor under Regulation D under the Act. The debentures have not been registered under the Act or any other state securities laws and may not be offered or sold in
the United States
absent registration or an applicable exemption from the registration requirements of the Act and applicable state securities law.
This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the debentures. This press release is being issued pursuant to and in accordance with Rule 135c under the Act. Any offers of the debentures were made only by means of a private offering memorandum. The debentures being offered were not approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the applicable private offering memorandum.