SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high efficiency, commercially-available solar cells and solar panels, announced the pricing of a public offering of 7 million shares of its class A common stock at $29.50 per share.
SunPower has granted the underwriters an option to purchase up to an additional 1,050,000 shares to cover overallotments, if any, which the underwriters may exercise within 30 days of the date of the final prospectus for the offering. SunPower anticipates that it will use the net proceeds of the offering for general corporate purposes, including working capital and capital expenditures, and potentially for further expansion of SunPower’s Philippines manufacturing facilities. In addition, SunPower may use proceeds of the offering for the acquisition of, or investment in, complementary businesses, technologies or other assets, and to invest in joint ventures. Any such transactions may be undertaken in furtherance of SunPower’s strategy to broaden its supply-chain opportunities, increase the efficiency of the downstream channel and reduce the cost of SunPower’s products delivered to end customers. SunPower may also use a portion of the proceeds for prepayments to vendors of polysilicon, ingots and wafers.
Credit Suisse and Lehman Brothers are joint book-running managers for the offering and Deutsche Bank Securities, Cowen and Company, First Albany Capital and Jefferies & Company are serving as co-managers.
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