SunPower raising $130M in debt

American solar maker SunPower (Nasdaq: SPWR) is taking on $130 million in convertible senior debentures, topping it back up to its cash position before its recent acquisition of PowerLight.

SunPower has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed offering of $130 million aggregate principal amount of senior convertible debentures, due in 2027. The company intends to grant the underwriters of the proposed offering an option to purchase up to an additional $19.5 million aggregate principal amount of senior convertible debentures.

The debentures will be convertible into cash and, if applicable, shares of SunPower's class A common stock.

At the same time, SunPower is offering an unspecified number shares of its class A common stock by means of a separate prospectus supplement.

Lehman Brothers and Credit Suisse will act as joint book-running managers for the convertible debenture offering and Deutsche Bank Securities will act as joint-lead manager, and Cowen and Company, First Albany Capital, and ThinkEquity Partners LLC will serve as co-managers.

SunPower says the net proceeds will be used for general corporate purposes, including working capital and capital expenditures.

Earlier this year, SunPower closed its acquisition of PowerLight (see Solar biz optimistic about SunPower acquisition of PowerLight) for $130.0 million in cash and $202.5 million in stock.

SunPower makes high efficiency solar cells, panels and solar systems.

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