SunPower Prices $41 Million Convertible Debt
SunPower raised $41 million through 10% Convertible Senior Secured Notes that are non-callable until May 2029, featuring a 45% conversion premium to the prior closing price of $1.13. The company will use proceeds for working capital and to repay $18.75 million in debt, while investors exchanged another $21.25 million of 7.0% notes for stock.
Key figures
- Deal Value Usd
- 41000000
- Coupon rate
- 10%
- Maturity date
- May 1, 2029
- Conversion price
- $1.6385
- Conversion premium
- 45%
- Total debt reduction
- $40 million
- Notes exchanged for stock
- $21.25 million
- Proceeds for debt repayment
- $18.75 million
- Shares potentially issuable
- 25022887
AI analysis
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