Wolfspeed Reduces Debt by 43% with $475.9m Private Placement Funding

Wolfspeed Inc has completed private placements of $379m in convertible notes and $96.9m in common stock and pre-funded warrants. The firm reduced its senior secured note balance by 43% and expects to lower annual interest expense by about $62m. The private placements were backed by a syndicate of investors, including T. Rowe Price and Fidelity Management & Research Company. Wolfspeed plans to accelerate innovation in silicon carbide solutions and advance its long-term growth strategy.