Wolfspeed, Inc., a global leader in the worldwide adoption of Silicon Carbide and gallium nitride (GaN) technologies, has announced the pricing of US$650.0 million aggregate principal amount of its 0.25% Convertible Senior Notes due 2028 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The offering size was increased from the previously announced offering size of US$500.0 million aggregate principal amount of notes. In addition, Wolfspeed has granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period from, and including, the date on which the Notes are first issued, up to an additional US$100.0 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on February 3, 2022, subject to the satisfaction of customary closing conditions.
Latham & Watkins LLP represents Wolfspeed in the offering with a corporate team led by Bay Area partners Tad Freese and Brian Paulson, with Bay Area associates Tess Bloom and Lydia Lim. Advice was provided on convertible debt matters by New York/Los Angeles partner Greg Rodgers and Los Angeles partner Arash Aminian Baghai, with New York associate Ryan Gold; on tax matters by New York partners Elena Romanova and Bora Bozkurt, with New York associates Ron Moore and Jacob Nagelberg; and on equity derivatives matters by New York partner Catherine Lee, with New York associates Christopher Yu and Saem Kim.