SunPower Secures $350 Million Facility

SunPower Corp. (NASDAQ: SPWRA | Quote | Chart | News | PowerRating) (NASDAQ: SPWRB | Quote | Chart | News | PowerRating), a Silicon Valley-based provider of solar cells, solar panels, and solar systems, said that it has signed a new three-year letter of credit facility.

The facility, which SunPower said initially provides for a maximum issuance of $350 million in letters of credit but, at the agreement of the parties, may be increased to a maximum of $400 million, will replace the company's existing $250 million letter of credit facility and will be underwritten by a syndicate of banks that include Deutsche Bank (NYSE: DB), Bank of America Merrill Lynch (NYSE: BAC), Citi (NYSE: C), Credit Suisse, and Barclays Capital.

California-based SunPower designs and manufactures solar technology for residential, business, government and utility customers. The firm has offices in North America, Europe, Australia and Asia.

Labels: Solar Stocks, SPWRA, SunPower Corp

posted by Ertai at 2:13 PM