SunPower closes $41M private offering of 10% convertible senior secured notes due 2029

SunPower Inc.

$41M in 10.00% Convertible Senior Secured Notes due 2029 issued; $24M to QIBs, $6M to CEO-affiliated entities, $10M exchanged for Sunder acquisition note.
Company repurchased $21.25M of its 7.0% convertible notes via exchange for 18.8M shares of common stock and ~$456k accrued interest.
Notes secured by first-priority security interest in substantially all assets; Indenture and Security Agreements executed with U.S. Bank Trust as trustee and collateral agent.
CEO T.J. Rodgers' affiliates received $6M notes for previously funded SAFEs; Chicken Parm Pizza LLC received $4M cash and amended seller note.
Up to 36.3M shares issuable upon conversion at initial rate of 884.96 shares per $1,000 principal, subject to anti-dilution adjustments.

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