SunPower Corporation
01/19/2024 | Press release | Distributed by Public on 01/19/2024 07:31
Material Event - Form 8-K
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Item 1.01.
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Entry into a Material Definitive Agreement.
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On January 18, 2024, SunPower Corporation (the "Company") entered into an Extension Agreement to the Credit Agreement (the "Extension Agreement") amending that certain Credit Agreement, dated as of September 12, 2022, as amended by the First Amendment to Credit Agreement, dated as of January 26, 2023, as amended by the Second Amendment to Credit Agreement, dated as of December 8, 2023 (together and as amended, the "Credit Agreement") by and among the Company, certain of its subsidiaries as guarantors, Bank of America, N.A. ("Bank of America"), BMO Bank, N.A., Citibank, N.A. and JPMorgan Chase Bank, N.A. as the lenders and L/C issuers party thereto, and Bank of America, as administrative agent. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Extension Agreement. As previously disclosed on December 11, 2023, the Company entered into an Amendment and Waiver to the Credit Agreement whereby, among other things, a temporary waiver until January 19, 2024 of existing and certain anticipated defaults and events of default under the Credit Agreement related to the breach of a financial covenant and a reporting covenant were granted.
The Extension Agreement provides for, among other things, the extension of the temporary waiver until January 31, 2024.
The foregoing description of the Extension Agreement is qualified in its entirety by reference to the full text of the Extension Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.