Maxeon Solar Technologies Files 6-K on Note Exchange

TL;DR

Maxeon Solar (MAXN) filed a 6-K updating investors on their Tranche A Note exchange.

AI Summary

Maxeon Solar Technologies, Ltd. filed a Form 6-K on August 29, 2024, reporting on the exchange of its Tranche A Exchange Notes. This follows a previous announcement on June 21, 2024, regarding the issuance of these notes on June 20, 2024.

Why It Matters

This filing provides an update on Maxeon's financial instruments, specifically the exchange of Tranche A Notes, which could impact its debt structure and financial obligations.

Risk Assessment

Risk Level: low — The filing is a routine report of foreign private issuer and does not contain new material financial information or significant operational changes.

Key Players & Entities

• Maxeon Solar Technologies, Ltd. (company) — Registrant
• June 21, 2024 (date) — Date of previous announcement
• June 20, 2024 (date) — Date of Tranche A Note issuance
• Tranche A Exchange Notes (financial_instrument) — Subject of the filing

FAQ

From the Filing

0001213900-24-073583.txt : 20240829 0001213900-24-073583.hdr.sgml : 20240829 20240829091940 ACCESSION NUMBER: 0001213900-24-073583 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240829 FILED AS OF DATE: 20240829 DATE AS OF CHANGE: 20240829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Maxeon Solar Technologies, Ltd. CENTRAL INDEX KEY: 0001796898 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: U0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39368 FILM NUMBER: 241259241 BUSINESS ADDRESS: STREET 1: 8 MARINA BOULEVARD #05-02 STREET 2: MARINA BAY FINANCIAL CENTRE CITY: MARINA BAY STATE: U0 ZIP: 018981 BUSINESS PHONE: 408.457.2302 MAIL ADDRESS: STREET 1: 8 MARINA BOULEVARD #05-02 STREET 2: MARINA BAY FINANCIAL CENTRE CITY: MARINA BAY STATE: U0 ZIP: 018981 FORMER COMPANY: FORMER CONFORMED NAME: Maxeon Solar Technologies, Pte. Ltd. DATE OF NAME CHANGE: 20191213 6-K 1 ea0212789-6k_maxeon.htm REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: August 2024 Commission File Number: 001-39368 MAXEON SOLAR TECHNOLOGIES, LTD. (Exact Name of registrant as specified in its charter) 8 Marina Boulevard #05-02 Marina Bay Financial Centre 018981, Singapore (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Exchange of Tranche A Exchange Notes As previously announced through a current report on Form 6-K filed by the Company with the Securities and Exchange Commission on June 21, 2024 (the “ June 6-K ”), on June 20, 2024, the Company issued (x) Tranche A Note Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 (the “ Tranche A Exchange Notes ”) and (y) Tranche B Note Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 (the “ Tranche B Exchange Notes ,” and together with the Tranche A Exchange Notes, the “ Exchange Notes ”), pursuant to an indenture (the “ Exchange Notes Indenture ”), dated as of June 20, 2024, among the Company, the guarantors party thereto (the “ Guarantors ”), Deutsche Bank Trust Company Americas, as trustee (the “ Trustee ”), DB Trustees (Hong Kong) Limited, as the collateral trustee (the “ Collateral Trustee ”) and, solely with respect to the Philippine collateral, RCBC Trust Corporation as supplemental collateral trustee. The Exchange Notes Indenture provides, among other things, that upon and following the receipt (or waiver) of certain regulatory approvals relating to the Forward Purchase Investment (as defined in the Exchange Notes Indenture) set forth in the Exchange Notes Indenture (the “ Exchange Triggering Event ”), the Company has the right, at its election at any time until the fifth scheduled trading day immediately preceding the maturity date of the Exchange Notes, to exchange all of the then-outstanding Tranche A Exchange Notes into the Company’s Ordinary Shares at the Tranche A Exchange Notes Conversion Price (the “ Exchange ”). The Exchange Triggering Event occurred on August 28, 2024, and the Company has given notice in accordance with the Exchange Notes Indenture that all outstanding Tranche A Exchange Notes will be exchanged on September 9, 2024 (the “ Exchange Date ”) for the Exchange Consideration (as described below). Pursuant to Section 4.04(E) of the Exchange Notes Indenture, the Company also provides the following information relating to the Exchange: (A) The aggregate principal amount of the Tranche A Exchange Notes which