On Monday, Wolfspeed (WOLF.N) announced that a group led by Apollo Global Management (APO.N) would invest $1.25 billion in debt in the chipmaker, with room for $750 million, to assist its U.S. development.
Wolfspeed CEO Gregg Lowe said the financing would “scale up near-term operations at our Mohawk Valley Fab and construction of our Siler City materials facility to help us capture the growing silicon carbide market opportunity.”
In September 2018, the business announced a multi-billion-dollar investment in a Chatham County, North Carolina factory to create semiconductors for electric vehicles.
9.875% of notes mature in 2030. Wolfspeed said the corporation could prepay the debt.