SUNPOWER CORP: debt financing — SunPower subsidiary obtains temporary waiver of $65.3M debt default; regains Nasdaq listing compliance

SUNPOWER CORP

SPWR RIC Borrower entered Fourth Amendment waiving Q3 financials covenant default; ~$65.3M debt subject to acceleration.
Waiver effective until Jan 19, 2024, covers quarterly reporting default and restatement-related defaults.
Amendment adds cross-default tied to waivers under Bank of America senior secured facility.
Nasdaq confirmed compliance after delayed Q3 10-Q filed Dec 18, 2023; prior Listing Rule matter closed.

item 2.04 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SUNPOWER CORP amended credit facility of $65.3 million with Atlas Securitized Products Holdings, L.P..

Instrument: credit facility
Principal: $65.3 million
Counterparty: Atlas Securitized Products Holdings, L.P.
Event: amendment

Exact text from the filing

Credit Agreement, which could be read to result in the immediate acceleration of debt thereunder (the “Quarterly Financials Default”), which would be equal to approximately $65.3 million . The Amendment provides for, among other things, (i) a temporary waiver until January 19, 2024 of (x) the Quarterly Financials Default and (y) any defaults or events of default

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Source: SEC EDGAR

accession 0000867773-23-000137

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