Restructuring of US$403 million Convertible Notes and Issuance of US$97.5 million New Convertible Notes by NASDAQ-Listed Maxeon Solar

Icon Law is proud to have acted as Singapore legal advisers to TCL Zhonghuan Renewable Energy Technology Co Ltd (“TZE”) in the restructuring of approximately US$403 million existing convertible notes issued by Nasdaq-listed Maxeon Solar Technologies Ltd (NASDAQ:MAXN) (“Maxeon”) and Maxeon’s additional issuance of approximately US$97.5 million new convertible notes to TZE.

Maxeon is a Singapore-headquartered manufacturer of Maxeon® and SunPower® brand solar panels, and has sales operations in more than 100 countries (operating under the SunPower brand in certain countries outside the United States). TZE is the largest shareholder of Maxeon. In order to improve its liquidity, Maxeon and TZE agreed to restructure and extend the repayment of existing convertible notes of an aggregate principal amount of approximately US$403 million. TZE also agreed to provide fresh debt funding of US$97.5 million (via the purchase of new convertible notes) and a separate equity investment of approximately US$100 million in equity funding.

Leading the transaction team was Managing Director, Chun Bin Soh, with assistance from our Director Wong Ee Vin and associate Constance Tay. For more information, please contact Chun Bin Soh or refer to Maxeon's SEC Filing.