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Published on 1/31/2023 in the Prospect News Bank Loan Daily and Prospect News Green Finance Daily.

SunPower increases revolver commitments to $200 million

By Marisa Wong

Los Angeles, Jan. 31 – SunPower Corp. entered into a first amendment on Jan. 26 to its credit agreement dated Sept. 12 with Bank of America, NA as administrative agent to increase revolving credit commitments by $100 million, according to an 8-K filing with the Securities and Exchange Commission.

After giving effect to the increase, the aggregate amount of revolving credit commitments is $200 million.

The increased commitments are governed by the same terms and conditions applicable to the revolver prior to the amendment.

As reported, SunPower entered into the revolver along with a $100 million term loan. Both tranches are due Sept. 12, 2027.

Borrowings bear interest at term SOFR plus 225 basis points to 325 bps, depending on SunPower’s total net leverage ratio. A commitment fee of between 25 bps and 35 bps, depending on SunPower’s total net leverage ratio, is payable on the undrawn portion of the revolver.

SunPower is a San Jose, Calif.-based provider of high-efficiency solar cells, solar panels and solar systems.


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