Sunpower Group (SGX:5GD) proposed to undertake a renounceable non-underwritten rights issue of up to SG$99.6 million worth of 7.0% convertible bonds, convertible to up to 389,438,568 shares, a filing with the Singapore Exchange said on Monday.
The new shares have been proposed to be issued at a price of SG$1.0 per share and will be used to fully repay the group's existing liabilities through its existing convertible bonds in an aggregate principal amount of around $130 million which will mature on April 3, 2025.
Shares of the clean energy solutions group surged over 11% in recent trading.
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