The 1.875% convertible senior notes are due 2029

Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Wolfspeed, Inc. of $1.75 billion aggregate principal amount of its 1.875% convertible senior notes due 2029, which includes the full exercise of the initial purchasers’ option to purchase additional notes. Davis Polk also advised the counterparties to capped call transactions entered in connection with the offering.

Wolfspeed leads the market in the worldwide adoption of silicon carbide and gallium nitride (GaN) technologies. Wolfspeed provides industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include silicon carbide and GaN materials, power-switching devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. Wolfspeed is headquartered in Durham, North Carolina.

The Davis Polk capital markets team included partner Derek Dostal, counsel John H. Runne and associate Marquis J. Pullen. The equity derivatives team included partners Caitlin L. Wood and Mark M. Mendez, counsel Justin Michael and associates Danielle Forni and Alexander S. Pettingell. Partner Lucy W. Farr and associate Betsy Johnson provided tax advice. All members of the Davis Polk team are based in the New York office.