secwatch.observer — SEC 8-K summary
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Issuer:     WOLFSPEED, INC. (WOLF)
CIK:        0000895419
Form:       8-K
Filed at:   2025-06-23T23:59:59+00:00
Accession:  0001193125-25-144083
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 2.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wolfspeed announces prepackaged debt restructuring; to cut debt ~$4.6B, dilute equity to 3-5%
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- Debt restructuring to reduce total debt by ~70% (~$4.6B) and annual interest expense by ~60%.
- Existing equity holders to receive 3.0% or 5.0% of new common stock; current equity interests cancelled.
- Senior Secured noteholders get new notes + $250M redemption at 109.875%; Convertible noteholders get $301.13M rights offering, $296M takeback notes, and 56.3% of new equity.
- Renesas to receive $204M convertible notes, 38.7% of new common stock, and warrants for 5% of equity; contingent consideration if regulatory approvals not obtained.
- Company expects to file Chapter 11 by July 1, 2025, and emerge by end of Q3 2025; operations continue as usual in ordinary course.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/895419/000119312525144083/0001193125-25-144083-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/895419/000119312525144083/d937053d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-144083

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