News Formal

Apollo Global leads debt investment in chipmaker Wolfspeed, media report

  • 📰 Reuters
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

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% and can be paid back after three years.In September last year, Wolfspeed said it will in Chatham County, North Carolina, to make the raw materials used for chips that power things like electric vehicles as demand surges.Reporting by Chandni Shah in Bengaluru; Editing by Lisa Shumaker

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EM stocks will catch up to US stocks in global market share by 2030: GoldmanEmerging-market stocks will make up a bigger share of the global landscape than the US by next decade, Goldman says
Source: BusinessInsider - 🏆 729. / 51 Read more »