UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
___________________
FORM
8-K
___________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of
earliest event reported): January
18,
2008
___________________
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SunPower
Corporation
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(Exact
Name of Registrant as Specified in
Charter)
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___________________
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Delaware
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000-51593
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94-3008969
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(State
or Other Jurisdiction
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(Commission
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(IRS
Employer
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of
Incorporation)
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File
No.)
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Identification
No.)
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3939
North First Street, San Jose, California 95134
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant’s
telephone number, including area code: (408) 240-5500
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N/A
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(Former
Name or Former Address, if Changed Since Last
Report)
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___________________
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any
of the following provisions (see General Instruction A.2.
below):
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r
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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r
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item 1.01.
Entry into a Material Definitive Agreement.
On
January 18, 2008, SunPower Corporation (“SunPower”) entered into an agreement
(the “Amendment”) with Wells Fargo Bank, National Association (“Wells Fargo”) to
amend the existing Credit Agreement, dated as of July 13, 2007 and subsequently
amended, by and between SunPower and Wells Fargo. Under the
Amendment, Wells Fargo waives compliance with certain restrictive covenants
in
the Credit Agreement, including a prohibition against SunPower providing
corporate guaranties supporting contracts between its subsidiaries and third
parties. In exchange for waiving compliance with such restrictive
covenants, SunPower agrees to maintain a balance of funds in a deposit account
with Wells Fargo, in an amount no less than the aggregate outstanding
indebtedness owed by SunPower to Wells Fargo under both the line of credit,
including its letter of credit subfeature, and the letter of credit line of
the
Credit Agreement, as collateral securing such outstanding
indebtedness.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SUNPOWER
CORPORATION
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Date:
January 24, 2008
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By:
/s/ Emmanuel Hernandez
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Name:
Emmanuel Hernandez
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Title:
Chief Financial Officer
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