Wolfspeed calls 0.875% convertible senior notes due 2023

By Rebecca Melvin

Concord, N.H., Dec. 8 – Wolfspeed Inc. has issued a notice of redemption to holders of its 0.875% convertible senior notes due 2023, according to a redemption notice filed with the Securities and Exchange Commission.

The notes will be redeemed on Dec. 23 for par plus accrued interest, which equates to $1,002.72222 per $1,000 principal amount of any note.

Holders may elect to convert their notes into shares prior to redemption at a rate of 16.6745 shares of common stock per $1,000 principal amount of notes. The conversion rate for notes converted from the date of the redemption notice to and including the second scheduled trading day immediately preceding the redemption date will be increased to 16.77769 shares per $1,000 of notes.

Holders must submit their notes for conversion no later than 5 p.m. ET on Dec. 21.

U.S. Bank NA is the paying agent and conversion agent.

Wolfspeed is a semiconductor developer based in Durham, N.C.

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