Wolfspeed (WOLF) “announced a $1.25B secured note financing from an investment group led by Apollo (APO), with an accordion feature for up to an additional $750 million. The financing supports the company’s previously announced U.S. expansion efforts and is a significant step toward achieving the company’s $6.5 billion global capacity expansion plan. Execution of Wolfspeed’s U.S. growth plan will accelerate adoption of silicon carbide across a wide array of end markets and support meaningful job creation in US semiconductor manufacturing. The 9.875% notes will mature in 2030 and are optionally prepayable by the company based on the terms of the indenture governing the notes. The investment was led by funds managed by Apollo’s ~$450 billion Credit business.” Shares of Wolfspeed are up 4.6% in pre-market trading at $51.74.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on WOLF:
- Wolfspeed (NYSE:WOLF) Gains Access to $2B Capital from Apollo’s Private Financing
- Wolfspeed debt deal with Apollo ‘clear positive,’ says William Blair
- Apollo leading over $1B debt deal in Wolfspeed, The Information says
- Pay Attention to Silicon Carbide Chips, Says Hedge Fund Manager
- Nvidia Drives Gains Throughout the Chip Sector