Apollo Global Leads $1 Billion Debt Deal in Wolfspeed

Apollo Global Management is leading a group of investors in a $1 billion debt investment in Wolfspeed, a semiconductor maker with a $6 billion market capitalization.
The deal could be announced within days and would be one of the largest direct lending deals this year not involving an acquisition.
Direct lending allows private investors to lend to companies without bank involvement.
The deal provides Apollo exposure to a key supplier of chips for electric vehicles as it pushes further into the EV industry.
Wolfspeed makes silicon carbide chips that can withstand higher temperatures and voltages than regular silicon chips, qualities useful for EVs and renewable energy tech.