WOLFSPEED, INC. (WOLF): debt financing — Wolfspeed issues $1.75B of 1.875% convertible senior notes due 2029

WOLFSPEED, INC.

$1,750M aggregate principal of 1.875% convertible notes due Dec 1, 2029; initial conversion price ~$118.88/share.
Capped call transactions with initial cap price of $202.538 (130% premium) cost ~$273.9M to reduce dilution.
Notes are senior unsecured; rank junior to secured debt; no subsidiary guarantees.
Full exercise of initial purchasers' option to purchase additional $225M of notes.
Offering exempt from registration under Rule 144A and Section 4(a)(2); ~19.87M shares potentially issuable.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WOLFSPEED, INC. incurred convertible notes of $1,750 million with U.S. Bank Trust Company, National Association at 1.875% maturing December 1, 2029.

Instrument: convertible notes
Principal: $1,750 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 1.875%
Maturity: December 1, 2029
Event: incurrence

Exact text from the filing

The Company completed the offering of $1,750 million aggregate principal amount of Notes on November 21, 2022.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WOLFSPEED, INC. entered into Indenture with U.S. Bank Trust Company, National Association valued at $1,750 million (effective 2022-11-21).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $1,750 million
Effective: 2022-11-21

Exact text from the filing

On November 21, 2022, in connection with the previously announced private offering and sale of $1,750 million aggregate principal amount of 1.875% convertible senior notes due 2029 (the “ Notes ”) of Wolfspeed, Inc. (the “ Company ”), which includes the full exercise by the initial purchasers of the Notes (the “ Initial Purchasers ”) of their option to purchase up to $225 million aggregate principal amount of Notes, the Company and U.S. Bank Trust Company, National Association, as trustee, executed an indenture (the “ Indenture ”) relating to the Notes.

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101 debt financings filed in the last 30 days. Browse all debt financings →

WOLFSPEED, INC. filing history →

Source: SEC EDGAR

accession 0001193125-22-289993

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