Ropes & Gray Represents Holders of $2.1bn of Convertible Notes Issued by Wolfspeed, Inc. (NYSE: WOLF) in Transformative $6.7bn Debt Restructuring

Ropes & Gray represents holders of $2.1 billion of convertible notes issued by Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technology, in connection with its proposed prepackaged chapter 11 plan of reorganization. This transaction involves approximately $6.7 billion of debt and includes a restructuring support agreement entered into with the company’s key stakeholders, including holders of more than 97% of its senior secured notes, convertible debtholders holding more than 67% of outstanding convertible notes, and a wholly owned U.S. subsidiary of Renesas Electronics Corporation. The transaction is expected to reduce Wolfspeed’s debt by $4.6 billion, which is equivalent to approximately 70% of the company’s total outstanding debt.  Convertible noteholders will take majority ownership of the equity and have backstopped new capital in the form of $275 million of new second lien convertible notes.  The transaction was announced in a press release issued on June 22, 2025.

The team includes restructuring partners Ryan Preston Dahl and Matthew Roose, finance partner Sam Badawi, litigation partner Brendan Hanifin, and tax partner Benjamin Rogers.