Apollo Global leads debt investment in chipmaker Wolfspeed

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<span>© Reuters. FILE PHOTO: View of a Wolfspeed’s Silicon Carbide (SiC) Wafer during an event on the future of the decommissioned coal-fired power plant in the Western German Saarland region in Ensdorf, Germany, February 1, 2023. REUTERS/Thilo Schmuelgen</span><br />
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<p>(Reuters) – A group of investors led by Apollo Global Management (NYSE:) 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. </p>
<p>The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another $750 million could be drawn later, Bloomberg News reported. </p>
<p>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.</p>
<p>The Information reported the deal could be announced in the coming days.</p>
<p>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.</p>
<p>Apollo Global Management and Wolfspeed did not immediately respond to requests for comment. </p>
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