Wolfspeed (WOLF) is struggling to reach a deal with investors to refinance its $575M convertible bonds due next year and has been working with JPMorgan on the refinancing effort, Yiqin Shen and Jill Shah of Bloomberg report, citing people with knowledge of the matter. Based on where the shares are currently trading, a conversion to equity is unlikely unless the price reaches $47.32, according to Bloomberg. The notes were quoted at around 60c on the dollar as of Friday afternoon, according to data compiled by Bloomberg. Shares of Wolfspeed are down 50% to $2.70 in afternoon trading.
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