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SunPower enters credit support agreement with Total

Total SAis guaranteeing SunPower Corp.'scredit facility obligations, subject to certain conditions, under an amended creditsupport agreement that is effective from June 29, 2016, to Dec. 31, 2018.

SunPower will pay Total a guaranty fee for each applicable letterof credit that was outstanding or part of the preceding calendar quarter.

The guaranty is for letters of credit issued no later than Dec.31, 2018, and that will expire no later than March 31, 2020, according to a Form8-K filed July 6. The guaranty is also for obligations that would not exceed $500million in the aggregate.

In relation to the credit support agreement, SunPower securedletters of credit of up to $50 million with Deutsche Bank AG - New York branch andDeutsche Bank Trust Co. Americas, $75 million with the Bank of Tokyo-MitsubishiUFJ Ltd., $75 million with Crédit Agricole, and $175 million with HSBC Bank USANA.

The credit agreement with Deutsche Bank and Deutsche Bank Trustis non-guaranteed and will terminate June 29, 2018.

Further, SunPower entered into an agreement to transfer all existingoutstanding letters of credit issued under an August 2011 credit facility agreementwith Deutsche Bank, as issuing bank and administrative agent, to the new creditagreements with BTMU, Crédit Agricole and HSBC. As such, the aggregate commitmentunder the 2011 facility was permanently reduced to zero.