Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
BORGWARNER INC entered into a notes offering with Wolfspeed, Inc. valued at $500 million (effective 2022-11-16).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Wolfspeed, Inc.
- Value
- $500 million
- Effective
- 2022-11-16
Exact text from the filing
On November 16, 2022, BorgWarner Inc. (the “ Company ” or “ BorgWarner ”) entered into a letter agreement with Wolfspeed, Inc. (NYSE: WOLF) (“ Wolfspeed ”) under which BorgWarner agreed to invest up to $500 million in a not-less-than $1 billion convertible debt offering (the “ Offering ”) by Wolfspeed, a semiconductor company focused on silicon carbide and GaN technologies.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
BORGWARNER INC entered into a supply with Wolfspeed, Inc. valued at $650 million (effective 2022-11-16).
- Action
- entry
- Agreement
- supply
- Counterparty
- Wolfspeed, Inc.
- Value
- $650 million
- Effective
- 2022-11-16
Exact text from the filing
Simultaneously with the execution of the letter agreement, BorgWarner and Wolfspeed entered into an agreement under which Wolfspeed agreed to provide a silicon carbide manufacturing capacity corridor to BorgWarner. Under the multiyear agreement between BorgWarner and Wolfspeed, beginning in 2024, BorgWarner will be entitled to purchase up to $650 million of devices annually as BorgWarner requirements increase.
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