Wolfspeed expects total debt to be reduced by approximately 70% upon completion of the restructuring

Wolfspeed said that after completing this process, it is expected that the company's total debt will be reduced by about 70%, equivalent to a reduction of about $4.6 billion (previous news showed that Wolfspeed's total debt was as high as $6.5 billion, including a $1.5 billion senior secured loan held by Apollo Global Management), and the total annual cash interest expense will also be reduced by about 60%. By taking this proactive step, the company is expected to better execute its long-term growth strategy and accelerate profitability.