Wolfspeed Completes Private Placements, Reduces Debt, and Lowers Annual Interest Expense by $62M

Wolfspeed, a global leader in silicon carbide technology, closed a $379m private placement of convertible notes, common stock, and pre-funded warrants. The company redeemed $475.9m of its outstanding Senior Secured Notes due 2030, lowering annual interest expense by $62m and total debt by $97m. The private placement was backed by a strong syndicate of investors, including T. Rowe Price and Fidelity Management & Research Company. The move is seen as an important step forward in Wolfspeed's capital optimization strategy.