SunPower Corp. plans to sell the majority of a $400 million debt offering to a unit of Total SA, the largest shareholder in the solar manufacturer.
Total Energies Nouvelles Activites USA has agreed to buy $250 million of the convertible debentures, which mature in June 2021, San Jose, California-based SunPower said today in a statement. Interest and initial conversion rates will be determined at the time of sale.
SunPower will use the proceeds for general corporate purposes, including the retirement of existing debt and capital expenditures, according to the statement.
Total holds about 60 percent of SunPower’s shares, according to data compiled by Bloomberg.