Wolfspeed raises ~$475.9M via convertible notes and equity to redeem higher-cost senior notes

WOLFSPEED, INC.

Gross proceeds: $379M from 3.5% Convertible Senior Secured Notes due 2031 and ~$96.9M from common stock and pre-funded warrants.
Proceeds will redeem ~$475.9M of outstanding Senior Secured Notes due 2030, reducing annual interest expense.
Notes initial conversion price ~$20.14 per share, a ~20% premium to the $16.78 March 18 closing price.
Equity issued: 3,250,030 shares at $18.458 (10% premium) and pre-funded warrants for 2M shares at $18.448.
Closing expected March 26, 2026, subject to customary conditions.

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