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SunPower HoldCo enters $300M credit agreement

SunPower HoldCo LLC entered into a term credit agreement with Credit Agricole Corporate and Investment Bank that allows the company to borrow up to $300 million, according to a May 25 regulatory filing.

The SunPower Corp. subsidiary anticipates that it will borrow the full amount prior to or on June 1 to be used for repayment of outstanding obligations.

Borrowings under the credit agreement will bear interest at the applicable rate, with respect to any London Interbank Offered Rate loan, a rate per year equal to LIBOR for a three-month period; with respect to any alternate base rate loan, a rate per year equal to the greater of the lender's prime rate, the federal funds rate plus 0.50% and one-month LIBOR plus 1%.

The applicable rate is 2.00% per year prior to the earlier of Nov. 5 and the termination date of the agreement for asset manager Capital Dynamics Inc. to merger 8point3 Energy Partners LP, a yieldco created by SunPower and First Solar Inc.