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Apollo Global leads debt investment in chipmaker Wolfspeed - media

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A group of investors led by Apollo Global Management is making a debt investment between $1 billion to $2 billion in chipmaker Wolfspeed to support its expansion in the U.S., media outlets reported on Sunday. The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another

A group of investors led by Apollo Global Management is making a debt investment between $1 billion to $2 billion in chipmaker Wolfspeed to support its expansion in the U.S., media outlets reported on Sunday.

The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another $750 million could be drawn later, Bloomberg News reported. The report added it was structured as seven-year secured notes carrying a coupon of 9.875 per cent and can be paid back after three years.In September last year, Wolfspeed said it will build a multi-billion dollar factory in Chatham County, North Carolina, to make the raw materials used for chips that power things like electric vehicles as demand surges.Source: Reuters

 

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