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Maxeon Raises $200 Million in Green Convertible Senior Notes

Source: www.gulfoilandgas.com 7/20/2020, Location: North America

Maxeon Solar Technologies, Ltd., currently a wholly owned subsidiary of SunPower Corp., announced that it has issued $200 million in aggregate principal amount of its 6.50 percent green convertible senior notes due 2025. The company also announced its entry into term and working capital loan facilities with a borrowing capacity of $125 million with a syndicate of lenders.

"The strong investor and lender interest in our planned spin-off of Maxeon Solar Technologies from SunPower reinforces our strategy that the time is right for our planned transaction," said Tom Werner, SunPower CEO and chairman of the board. "This innovative convertible issuance and securing the borrowing capacity under the loan facilities were some of the final steps needed to complete this transaction, which we expect to close this quarter."

The $200 million in gross proceeds exceeded the amount of the initial offering as the purchasers exercised a $15 million overallotment option. Maxeon will receive approximately $151.7 million in net proceeds after funding a $40 million forward stock purchase transaction, discounts and commissions and estimated offering expenses. Maxeon's syndicated loan facilities include a $55 million term loan facility, $50 million working capital facility, and an additional $20 million term loan facility, each of which mature and are repayable in full on July 14, 2023.

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