SunPower closes $220 million offering of cash convertible debt

SunPower closes $220 million debt offering

SAN JOSE, Calif. — Solar panel maker SunPower Corp. said Thursday it has closed an offering of $220 million of its 4.5 percent senior cash convertible debentures due 2015.

As part of the offering, the company gave purchasers an option to buy another $30 million of the debentures.

Debentures are secured by the issuer’s credit reputation.

SunPower said it plans to use the proceeds to replenish the cash reserves used in its acquisition of SunRay Renewable Energy and for working capital and other purposes.

SunPower paid $263 million in cash and $14 million in promissory notes to buy SunRay last month.

Shares of SunPower rose 17 cents to $18.94.