SunPower Corporation (NASDAQ:SPWR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
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Entry into a Material Definitive Agreement.
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an Amended and Restated Revolving Credit Agreement (the Restated
Credit Agreement) with Credit Agricole Corporate and Investment
Bank, as Administrative Agent, and the other lenders party
thereto, which amends and restates the Revolving Credit Agreement
dated July 3, 2013 by and between the Company, the Administrative
Agent and the other parties thereto, as amended to date.
the letter agreement between the Company and Total S.A. (Total)
dated May 8, 2017 (the Letter Agreement), which, as previously
disclosed, was entered into in order to facilitate the issuance
by Total of one or more guaranties of the Companys payment
obligations (the Guaranties) of up to $100.0 million under the
Restated Credit Agreement. The maturity date of the Letter
Agreement is August 26, 2019.
Agreement remains August 26, 2019 (the Maturity Date), and
amounts borrowed under the facility may be repaid and reborrowed
until the Maturity Date. Available borrowings under the Restated
Credit Agreement remain $300.0 million; provided that the
aggregate principal amount of all amounts borrowed under the
facility cannot exceed 95.0% of the amounts guaranteed by Total
under the Letter Agreement.
Company to request the issuance of performance and financial
letters of credit, (b) removes certain covenants, including
covenants related to a maximum leverage ratio and a minimum
consolidated liquidity, (c) removes the negative pledge on
certain assets of the Company, (d) removes certain domestic
subsidiaries of the Corporation as guarantors, and (e) effects
other revisions to the terms thereof. All collateral previously
pledged to secure the Companys obligations to the lenders has
been released.
borrowings under the facility of (i) with respect to any LIBOR
rate loan, an amount equal to 0.6% plus the LIBOR rate divided by
a percentage equal to one minus the stated maximum rate of all
reserves required to be maintained against Eurocurrency
liabilities as specified in Regulation D; and (ii) with respect
to any alternate base rate loan, an amount equal to 0.25% plus
the greater of (1) the prime rate, (2) the Federal Funds rate
plus 0.50%, and (3) the one-month LIBOR rate plus 1%; and (b) a
commitment fee of 0.06% per annum on funds available for
borrowing and not borrowed.
covenants, and events of default customary for financing
transactions of this type.
a complete description of all terms of the Restated Credit
Agreement and is qualified in its entirety by reference to the
full text of the Restated Credit Agreement and certain exhibits
thereto, a copy of which will be filed as an exhibit to our
quarterly report on Form 10-Q for the quarter ended July 2, 2017.
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Item 2.03.
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
herein by reference.
About SunPower Corporation (NASDAQ:SPWR)
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements. It offers post-installation systems monitoring and maintenance in connection with its construction contracts and commercial power purchase. The Company offers SunPower InvisiMount residential mounting system in its product portfolio. The Company offers Helix system, which is a pre-engineered, modular solution that combines its solar module technology with plug-and-play power stations, cable management systems and mounting hardware that enables customers to scale their solar programs with minimal business disruption. It offers modular solar power block, the Oasis system.
