Wolfspeed secures $1.5B in new funding: $750M CHIPS Act proposed, $750M from Apollo-led consortium

WOLFSPEED, INC.

U.S. Department of Commerce proposes $750M in CHIPS Act funding for Wolfspeed's NC and NY expansions.
Apollo-led investment group provides $750M in additional senior notes; $250M available within 10 business days.
Wolfspeed expects ~$1B in cash tax refunds from Section 48D tax credit over next several years.
Total expected capital of up to $2.5B to support 200mm silicon carbide manufacturing footprint.
A&R Indenture includes minimum liquidity covenant of $630M rising to $750M and step-down interest rates.

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