Maxeon Solar Technologies, Pte. Ltd. (Maxeon), currently a wholly owned subsidiary of SunPower Corp., has announced the pricing of an offering of US$185 million aggregate principal amount of its 6.5% green convertible senior notes due 2025 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act, on July 9, 2020. The issuance and sale of the notes are scheduled to settle on July 17, 2020, subject to customary closing conditions. Maxeon also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional US$15 million principal amount of notes.
Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by New York partners Greg Rodgers and Erika Weinberg, with counsel Arash Aminian Baghai and associates Roger Yarett, Ryan Gold, Jessi Lim, Howard Bruno, and Laura Harper. Advice was also provided on equity derivative matters by New York partner Catherine Lee, with associates Jack Neff and Shawn Noh; on tax matters by New York partner Bora Bozkurt, with associates Aaron Bernstein and Ron Moore; and on Singapore law matters by Singapore partner Farhana Sharmeen.