SAN JOSE, Calif., July 26 (UPI) -- California-based SunPower Corp. has announced the pricing of its public offering of 2.45 million shares of class A common stock.
The solar technology manufacturer released the pricing of its Class A common stock at $64.50 per share. The company also listed the pricing of a $200 million aggregate principal amount of 0.75 percent senior convertible debentures due in 2027.
The underwriters have been granted by SunPower an option to purchase up to an additional 245,000 shares of class A common stock and an option to purchase up to an additional $25 million aggregate principal amount of the debentures for the underwriters' offering of debentures.
The debentures will bear interest at a rate of 0.75 percent per year, payable on Feb. 1 and Aug. 1 of each year, starting on Feb. 1, 2008, and will mature Aug. 1, 2027
SunPower officials say the company intends to use the net proceeds of the offerings for general corporate purposes and for the expansion of its solar cell fabrication and panel manufacturing facilities.
SunPower officials say they are also considering using a portion of the proceeds to purchase or make prepayments for the purchase of raw materials and for the acquisition of, or investment in, complementary businesses, technologies or other assets, or to invest in joint ventures.
