SunPower Announces Adjustments of Conversion Rates for Convertible Debentures

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Oct 08, 2020, 16:05 ET

SAN JOSE, Calif., Oct. 8, 2020 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced new conversion rates for its 0.875% Senior Convertible Debentures due 2021 (CUSIP No. 867652 AJ8) (the "2021 Debentures") and its 4.000% Senior Convertible Debentures due 2023 (CUSIP No. 867652 AL3) (the "2023 Debentures" and, together with the 2021 Debentures, the "Debentures"). The rates were adjusted pursuant to the terms of the respective indentures governing the Debentures (the "Indentures").

Effective September 11, 2020, the new conversion rates are 25.1388 shares of SunPower's common stock per $1,000 principal amount of 2021 Debentures (equivalent to a conversion price of $39.78 per share) and 40.1552 shares of SunPower's common stock per $1,000 principal amount of 2023 Debentures (equivalent to a conversion price of $24.90 per share).

The conversion rates were previously 20.5071 shares of SunPower's common stock per $1,000 principal amount of 2021 Debentures and 32.7568 shares of SunPower's common stock per $1,000 principal amount of 2023 Debentures. Notice of the conversion rate adjustment was delivered to Wells Fargo Bank, National Association, the trustee, in accordance with the terms of the Indentures.

About SunPower
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.

SOURCE SunPower Corp.