Loan & DebtMay 22, 2026, 08:32 AM
SunPower Issues Additional 10.00% Convertible Senior Secured Notes
AI Summary
SunPower Inc. announced the issuance of additional 10.00% Convertible Senior Secured Notes due 2029 on May 20, 2026, following a previously closed private offering. These notes are senior, secured obligations maturing on May 1, 2029, with interest payable quarterly at 10.00% per year. Holders can convert notes into common stock at an initial rate of 610.3143 shares per $1,000 principal, subject to adjustments and an Exchange Cap of 9.99% beneficial ownership. The notes are guaranteed by Complete Solar, Inc. and secured by first-priority liens on company assets.
Key Highlights
- SunPower issued additional 10.00% Convertible Senior Secured Notes due 2029 on May 20, 2026.
- Notes mature on May 1, 2029, and accrue interest at 10.00% per year, payable quarterly.
- Initial conversion rate is 610.3143 shares of Common Stock per $1,000 principal, or $1.64 per share.
- Maximum conversion rate is 884.9557 shares of Common Stock per $1,000 principal.
- Notes are senior, secured obligations, guaranteed by wholly-owned subsidiary Complete Solar, Inc.
- Secured by first-priority liens on substantially all assets of the Company and the Guarantor.
- An Exchange Cap prevents holders from beneficially owning over 9.99% of Common Stock after conversion.
- The Indenture includes customary covenants and events of default, including payment defaults and failure to convert.
Price Impact
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