SunPower Inc. Form 8-K Filing

SunPower Inc. has entered into a note purchase agreement for the issuance of additional 10.00% Convertible Senior Secured Notes due 2029. These notes are senior, secured obligations maturing on May 1, 2029, with interest payable quarterly. Holders can convert the notes to common stock at an initial conversion rate of 610.3143 shares per $1,000 principal amount, subject to adjustments and an Exchange Cap of 9.99%. The notes are guaranteed by Complete Solar, Inc. and secured by liens on substantially all assets of the Company and the Guarantor. The Indenture includes customary covenants restricting debt incurrence, dividends, stock repurchases, and investments, and imposes limitations on asset dispositions. Events of default include payment defaults, failure to convert, breaches of covenants, defaults on other indebtedness, bankruptcy, and cessation of guarantees. The notes were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act.