Maxeon Solar Technologies completes offering of $200 million Green Convertible Notes

Client(s) SunPower Corporation

Jones Day represented Maxeon Solar Technologies, Ltd., then a wholly-owned subsidiary of SunPower Corporation, in connection with its Rule 144A offering of $200 million aggregate principal amount of 6.50% Green Convertible Senior Notes due 2025.

At the time of issuance, SunPower Corporation was in the process of completing a spin-off of Maxeon into a separate publicly traded company. Following the Maxeon spin-off on August 26, 2020, Maxeon is one of the world's leading global manufacturers and marketers of premium solar power technology. Maxeon will continue the decades long SunPower technological innovation legacy and will operate an industry-leading sales and distribution channel across six continents. Headquartered in Singapore, Maxeon manufactures its solar cells in Malaysia and the Philippines, assembles solar cells into panels in France, Mexico, and China (through its joint venture, Huansheng), and sells its products in over 100 countries. Maxeon intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, existing, and new projects meeting specified eligibility criteria related to eligible green expenditures.