0000867773-11-000039.txt : 20110718 0000867773-11-000039.hdr.sgml : 20110718 20110718172952 ACCESSION NUMBER: 0000867773-11-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110718 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20110718 DATE AS OF CHANGE: 20110718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNPOWER CORP CENTRAL INDEX KEY: 0000867773 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 943008969 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34166 FILM NUMBER: 11972894 BUSINESS ADDRESS: STREET 1: 77 RIO ROBLES CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 408-240-5500 MAIL ADDRESS: STREET 1: 77 RIO ROBLES CITY: SAN JOSE STATE: CA ZIP: 95134 8-K 1 spwra0718118-k.htm FORM 8-K SPWRA 071811 8-K



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
Form 8-K
 
 
 
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 18, 2011
 
 
 
SunPower Corporation
(Exact name of registrant as specified in its charter)
 
 
 
001-34166
(Commission File Number)
 
Delaware
 
94-3008969
(State or other jurisdiction
of incorporation)
 
(I.R.S. Employer
Identification No.)

77 Rio Robles, San Jose, California 95134
(Address of principal executive offices, with zip code)
(408) 240-5500
(Registrant's telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 

 




 
Item 1.01.
Entry into Definitive Material Agreement.
 
On July 18, 2011, SunPower Corporation (“SunPower” or the “Company”) and certain subsidiary guarantors listed below entered into a Credit Agreement with Union Bank, N.A. (such agreement, the “Revolving Credit Facility”).
 
Until October 28, 2011 (the “Final Availability Date”), SunPower may borrow up to $50,000,000 under the Revolving Credit Facility, unless such availability is reduced under circumstances specified therein. Amounts borrowed may be repaid and reborrowed until the Final Availability Date. Any outstanding amounts under the Revolving Credit Facility are due and payable on October 31, 2011.
 
SunPower is required to pay interest on outstanding borrowings of, at SunPower's option, (1) LIBOR plus 2.75% or (2) 1.75% plus a base rate equal to the higher of (a) the federal funds rate plus 0.50%, or (b) Union Bank's reference rate as announced from time to time; a front-end fee of 0.15% on the total amount available for borrowing; and a commitment fee of 0.50% per annum, calculated on a daily basis, on funds available for borrowing and not borrowed. 
 
The obligations of SunPower under the Revolving Credit Facility are guaranteed by its wholly owned subsidiaries SunPower North America, LLC and SunPower Corporation, Systems.
 
The Revolving Credit Facility includes representations, covenants, and events of default customary for financing transactions of this type. The Revolving Credit Facility will be terminated, and amounts due thereunder must be prepaid, upon the closing of any new domestic credit facility in favor of SunPower or any of its subsidiaries.
 
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
Union Bank Revolving Credit Facility
 
The information contained in Item 1.01 above is incorporated herein by reference.





SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                    
 
 
 
 
SUNPOWER CORPORATION
 
 
 
Date: July 18, 2011
By:
/S/ DENNIS V. ARRIOLA
 
Name:
Dennis V. Arriola
 
Title:
Executive Vice President and Chief Financial Officer