Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Cree, Inc. of $575 million aggregate principal amount of its 1.750% convertible senior notes due 2026, which includes the full exercise of the initial purchasers’ option to purchase additional notes.

Headquartered in Durham, North Carolina, Cree, Inc. is an innovator of wide bandgap semiconductor products for power and radio frequency applications, lighting-class light emitting diode products and lighting products. The company’s products are targeted for applications such as transportation, power supplies, inverters, wireless systems, indoor and outdoor lighting, electronic signs and signals and video displays.

The Davis Polk corporate team included partner Derek Dostal and associates John H. Runne and Ryan Lewis. The equity derivatives team included partner Ray Ibrahim and associates Katharine O’Banion and Crystal Chi. Partner Lucy W. Farr and associates Daniel L. Jose provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.