Cree announced that the company intends to offer US$500 million aggregate principal amount of its Convertible Senior Notes due 2023 in a private offering to qualified institutional buyers. In addition, the initial purchasers of the Notes will be granted by Cree an option to purchase up to an additional US$75 million aggregate principal amount of the Notes, for settlement within a 13-day period from, and including, the date on which the Notes are first issued.
(Image: Cree)
Cree plans to use the net proceeds from the Offering to repay its borrowings under its revolving credit facility and the remaining part will be used to fund Wolfspeed’s capacity expansion, working capital needs and for general corporate purposes.
