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Solar thermal magazine Solar Industry Financial News

Solar thermal magazine Solar Industry Financial News

SAN JOSE, Calif., May, 2013.

Solar thermal magazine Solar Industry Financial NewsSunPower Corp. (NASDAQ: SPWR) this week announced that it proposed to offer $300 million aggregate principal amount of senior convertible debentures, subject to market conditions and other factors. The debentures will mature in June 2018. The interest rate, conversion rate, offering price and other terms will be determined by negotiations between SunPower and the initial purchasers of the debentures. The debentures will be convertible into shares of SunPower’s common stock, par value $0.001 per share.

Total Gas & Power USA, SAS, a subsidiary of Total S.A. that owns approximately 65% of SunPower’s common stock, has agreed to purchase, and the initial purchasers have agreed to sell to Total Gas & Power USA, SAS, $200 million aggregate principal amount of the debentures (assuming that the full $300 million aggregate principal amount is sold). 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 are being offered 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 USA, 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 will be made only by means of a confidential offering memorandum. The debentures being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the applicable private offering memorandum.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as “intends”, “will,” “may,” “could,” “expect,” “potential,” and similar expressions to identify forward-looking statements in this press release, including forward-looking statements regarding the timing and completion of the offering of the debentures, the use of the offering proceeds, SunPower’s ability to make required interest and redemption payments on the debentures, and the convertibility of the debentures. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) market conditions; (ii) potential fluctuations in the company’s stock price; (iii) management’s broad discretion over the use of the net proceeds of the offering; (iv) changes in U.S. generally accepted accounting principles or in their interpretation; and (v) other risks described in the company’s Annual Report on Form 10-K for the year ended December 30, 2012, as amended, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company’s views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE SunPower Corp.

Note to Readers: SunPower’s press releases, presentations and printed remarks and materials are included on this website for historical purposes only. The information contained in these documents should be considered accurate only as of the date of the relevant document. This information may change over time; therefore, visitors to this website should not assume that the information contained in these documents remains accurate at a later time. We do not have any current intention, and expressly disclaim any obligation, to supplement, update or revise any of the information in these documents.

This website may contain information considered to be forward-looking and reflects management’s current expectations. These forward-looking statements may be identified by terminology such as may, will, could, should and expect and the negative of these terms or other similar expressions. We remind you that these statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: our limited operating history and variability of operating results; our ability to identify and retain key customers; our ability to anticipate consumers’ desires and design new products that incorporate feature sets that are attractive to our customers; our ability to manage and maintain our suppliers; our dependence on key employees; changes in laws and regulations associated with solar power; risks associated with general economic uncertainty; and other risk factors. Please refer to our SEC filings for a more detailed description of some of these and other risks and uncertainties that could affect our performance or achievements. You should not place undue reliance on these forward-looking statements.

Solar thermal magazine Solar Industry Financial News About Gordon Smith
Gordon is an expert in the area of industrial energy efficiency and alternative energy. He is electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.

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Solar thermal magazine Solar Industry Financial NewsTags: convertible debentures, state securities laws, stock par value, sunpower corp

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