FREMONT, Calif., May 15, 2024 (GLOBE NEWSWIRE) -- Complete Solaria, Inc. ("Complete Solaria" or the "Company") (NASDAQ:CSLR) today announced that a significant Complete Solaria private equity debt holder, Carlyle, has agreed to release the Company from its debt obligations in return for a third-party cash payment. T.J. Rodgers, Complete Solaria's Chief Executive Officer said, "The Carlyle debt, which has prevented the Company from raising money in the market, will be replaced with $10 million in debt from another debt provider that offers balloon payback structures without unduly restrictive operational covenants. The deal has been made in principle, and is subject to negotiations over terms and conditions in the final contract. Rodgers added, "In a prior press release I stated, ‘[Private equity provider] Kline Hill has agreed to convert its outstanding debt to 9.8 million shares of Common Stock contingent upon the Company's reaching an agreement with its other [big] outstanding lender, Carlyle…' That has been achieved. Now, the full $66 million of our combined private equity debt will be replaced with 9.8 million newly issued shares and $10 million in debt from a new lender, reducing the Company's debt load by $56 million and, in theory, increasing our equity value by the same amount. Rodgers concluded, "Our capitalization structure has now been reworked, giving us a clear line ...