Houlihan Lokey Advises Maxeon Solar Technologies

Houlihan Lokey is pleased to have advised Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN; Maxeon) on the successful private placement of $207 million of 7.5% senior secured convertible notes due 2027 (2027 Notes). Houlihan Lokey served as exclusive placement agent on Maxeon’s issuance of the 2027 Notes, the proceeds of which will be used to support capital expenditures, working capital, and general corporate purposes. The transaction closed on August 17, 2022.

Headquartered in Singapore, Maxeon designs and manufactures 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. Built from 35 years of boundary-pushing solar DNA, Maxeon was launched in 2020 as an independent company following its spin-off from U.S.-based SunPower Corp. Maxeon operates the SunPower brand in all global markets and the Maxeon brand in the United States, Canada, and Japan. The company is a leader in solar innovation with access to over 1,000 patents and two best-in-class solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,700 trusted partners and distributors.

Houlihan Lokey served as exclusive placement agent to Maxeon, assisting the company in arranging, structuring, and negotiating the financing. The 2027 Notes were issued at an aggregate purchase price equivalent to 97% of the principal amount with a conversion price of $23.13 per share.

The transaction highlights Houlihan Lokey’s ability to leverage its full suite of capabilities across the Capital Markets Group, Power & Utilities Group, and Technology Group to deliver an outstanding outcome for Maxeon, a publicly listed company. Houlihan Lokey’s Capital Markets Group is one of the largest providers of private capital solutions in the world, raising approximately $15 billion over a total of 150 transactions during fiscal year 2022.