SunPower's 1.25%, 0.75% debentures will not be convertible

By Devika Patel

Knoxville, Tenn., Dec. 29 - SunPower Corp. said that its $199 million of 1.25% senior convertible debentures due 2027 and its $225 million of 0.75% senior convertible debentures due 2027 will not be convertible during the next quarter.

The company's stock did not trade at 125% of the conversion prices for at least 20 out of 30 consecutive trading days during the quarter ended Dec. 28, so the notes will not be convertible.

The test was met during the quarter ended Sept. 28 and holders converted $1 million principal amount of the 1.25% convertibles through the close of business on Dec. 26, SunPower said.

SunPower, based in San Jose, Calif., designs and manufactures solar electric systems for residential, commercial and utility-scale power plant customers.

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