SunPower lowers strike price of warrants related to convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 10 - SunPower Corp. reduced the strike price of warrants issued in connection with its $250 million of 4.5% senior cash convertible debentures due 2015 and $230 million of 4.75% senior convertible debentures due 2014, according to a 10-Q filing with the Securities and Exchange Commission.

Total SA purchased 60% of the company's class A common stock and 60% of its class B common stock for $23.25 per share through a tender offer on June 21. This triggered the right of the counterparties to the warrants to make a downward adjustment to the strike price.

In the fiscal third quarter ended Oct. 3, the strike price was lowered to $24.00 from $27.03 for the warrants related to the 4.5% convertibles and to $26.40 from $38.50 for the warrants related to the 4.75% convertibles.

The conversion price is $22.53 for the 4.5% convertibles and $26.40 for the 4.75% convertibles.

The company's class A shares closed at $7.91 (Nasdaq: SPWRA) on Thursday.

SunPower is a San Jose, Calif.-based designer and manufacturer of solar panels, solar cells and solar energy systems.

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