Wolfspeed signs 10-year SiC wafer supply deal with Renesas; receives $2B deposit

WOLFSPEED, INC.

Renesas will deposit $1B immediately, up to $1B additional in 2024; 10-year term maturing 2033.
Deposit bears 6% interest, rising to 10% or 15% under supply shortages; 5% may be paid in-kind.
Wolfspeed to supply 150mm SiC wafers starting 2025, then 200mm from John Palmour Manufacturing Center.
Prepayment by Wolfspeed at 106% to 114% of principal depending on timing and change of control.
Funds support Wolfspeed's capacity expansion, including JP factory that will boost SiC output 10x.

Key facts

Extracted from this filing and checked against the source text.

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

WOLFSPEED, INC. entered into Unsecured Customer Refundable Deposit Agreement with Renesas Electronics America Inc. valued at up to $2 billion (effective 2023-07-05).

Action: entry
Agreement: credit facility
Counterparty: Renesas Electronics America Inc.
Value: up to $2 billion
Effective: 2023-07-05

Exact text from the filing

On July 5, 2023 (the “ Effective Date ”), Wolfspeed, Inc. (the “ Company ”) and Renesas Electronics America Inc., a California corporation (“ Renesas America ”) entered into an Unsecured Customer Refundable Deposit Agreement (the “ CRD Agreement ”), pursuant to which Renesas America will provide to the Company up to $2 billion in unsecured deposits.

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WOLFSPEED, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-181581

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