JWCA advises Wolfspeed Inc. on its new overnight 1.5L $379 million convertible issuance and concurrent ~$97 million equity raise through common stock and warrants
March 2026 | read press release
Transaction Background
Wolfspeed, Inc. (“WOLF” or the “Company”) raised ~$476mm in total proceeds, issuing $379mm in new 1.5L convertible notes, ~$60mm in common stock and ~$37mm in warrants, at attractive terms in the market
Wolfspeed’s objectives included:
Repay existing senior secured 1L indebtedness and reduce total debt
Strengthen balance sheet and lower annual interest expense
Capitalize on strong fundamental investor interest
Minimize market and execution risk through confidential wall cross
JWCA provided extensive analysis for Wolfspeed for the transaction, including:
Convertible and equity structuring and financing decision-making
Existing documentation negotiation and consent facilitation
New convertible documentation negotiation to ensure maximum value and future efficiency/flexibility for the company
Advice on pricing through the execution process
Results
Wolfspeed was able to raise ~$476mm of capital at attractive pricing and terms without any stock price risk
Achieved a financing outcome that balanced the company’s objectives, including size of proceeds raised, cost of capital, and flexibility
The transaction had exclusively long-only investor orders, indicating strong fundamental demand and underlying momentum
The Company was able to repay ~$476mm of existing expensive senior secured notes, reducing overall indebtedness and lowering annual interest expense
The Company achieved attractive terms of 3.50% coupon and 20.0% conversion premium on the new 1.5L convertible notes, with strategic redemption flexibility
Wolfspeed was able to issue ~$97mm in equity through common stock and pre-funded warrants at a premium to current share price
Wolfspeed minimized stock price risk, as the transaction was executed over a confidential marketing process and priced overnight with convertible investors