Wolfspeed greenshoe exercised, ups 0.25% convertibles to $750 million

Chicago, Feb. 8 – Wolfspeed Inc. announced that the initial purchasers of its 0.25% six-year convertible notes exercised their $100 million greenshoe in full, raising the issue size to $750 million, according to an 8-K filed with the Securities and Exchange Commission.

The upsized offer settled on Feb. 3.

The initial conversion premium, as previously reported, was 35%. Talk had been for a coupon of 0.25% to 0.75% and an initial conversion premium of 30% to 35%.

Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, BofA Securities Inc. and Citigroup Global Markets Inc. were bookrunners for the Rule 144A offering.

The initial size of the offering was $500 million with a greenshoe of $75 million.

The notes are non-callable until Feb. 18, 2025 and then subject to a 130% hurdle.

Wolfspeed is a Durham, N.C.-based wide bandgap semiconductor developer.

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