Maxeon Solar Technologies has closed the previously announced private exchange of $198.5 million of its 6.50% Green Convertible Senior Notes due 2025 for new convertible notes. The company issued $139 million of Tranche A Notes and $65 million of Tranche B Notes due 2028, along with 9.925 million warrants.The new notes have an initial interest rate of 9.50%, adjusting to 8.00% after certain conditions are met. They are convertible into Maxeon ordinary shares at initial conversion prices of $0.3543 per share for Tranche A and $1.6422 for Tranche B. The notes are secured by second-priority liens on substantially all of Maxeon's assets.Maxeon did not receive any cash proceeds from the exchange. The transaction extends the maturity of a significant portion of Maxeon's outstanding convertible debt from 2025 to 2028.

Maxeon Solar Technologies has closed the previously announced private exchange of $198.5 million of its 6.50% Green Convertible Senior Notes due 2025 for new convertible notes. The company issued $139 million of Tranche A Notes and $65 million of Tranche B Notes due 2028, along with 9.925 million warrants.The new notes have an initial interest rate of 9.50%, adjusting to 8.00% after certain conditions are met. They are convertible into Maxeon ordinary shares at initial conversion prices of $0.3543 per share for Tranche A and $1.6422 for Tranche B. The notes are secured by second-priority liens on substantially all of Maxeon's assets.Maxeon did not receive any cash proceeds from the exchange. The transaction extends the maturity of a significant portion of Maxeon's outstanding convertible debt from 2025 to 2028.