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SunPower to Offer Common Stock with Bonus Shares in Lieu of Cash Interest on 2029 Notes
- SunPower proposes stock-in-lieu for two interest payments on its 2029 notes, replacing cash with stock and bonus shares.
- The plan targets payments due July 1, 2026 and January 1, 2027, involving both 12% and 7% notes.
- SunPower says the stock-in-lieu helps preserve financial flexibility through Q3 2026.
- Shares issued may be unregistered and restricted from sale without registration or exemptions.
- The plan is subject to negotiation with certain holders and regulatory considerations.
- The in-lieu offer would apply to payments on the 12% and 7% notes due 2029.
- The 2029 notes are convertible senior notes.
- A SunPower press release and SEC filings provide additional context for the proposal.
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