SunPower To Offer 9 Million Shares, $175 Million Of Senior Debentures

April 28, 2009 (FinancialWire) — SunPower Corp. (NASDAQ: SPWRA) plans to offer nine million shares of class A common stock and $175 million of senior convertible debentures due 2014, in public offerings. Credit Suisse Securities (NYSE: CS) and Deutsche Bank Securities (NYSE: DB) will serve as joint book-running managers.

The company plans to grant the underwriters an overallotment option with respect to an additional 1.35 million shares of stock and an additional $26.25 million of senior convertible debentures.

SunPower said it expects the offerings to result in aggregate gross proceeds of around $400 million.

The debentures will be convertible into shares of SunPower’s class A common stock. In connection with the debentures offering, SunPower plans to enter into convertible debenture hedge and warrant transactions with affiliates of certain of the underwriters.

SunPower plans to use around $20 million to $22 million of the proceeds from these offerings to pay the cost of these convertible debenture hedge and warrant transactions. The company plans to use the remaining net proceeds for general corporate purposes, including working capital and capital expenditures.

San Jose, California-based SunPower is a provider of solar cells, solar panels, and solar systems.

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