Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Cree, Inc. of $575 million aggregate principal amount of its 0.875% convertible senior notes due 2023, which includes the full exercise of the initial purchasers’ option to purchase additional notes.

Headquartered in Durham, North Carolina, Cree, Inc. is an innovator of wide bandgap semiconductor products for power and radio-frequency (RF) applications, lighting-class light emitting diode (LED) products and lighting products. The company’s products are targeted for applications such as transportation, electronic signs and signals, power supplies, inverters, wireless systems, indoor and outdoor lighting and video displays.

The Davis Polk corporate team included partner Derek Dostal and associates Jaryn S. Fields and Gina Y. Chen. The equity derivatives team included partner Ray Ibrahim and associates Jeffrey H. Smith, Hanbing Zhang and Andrea Feuer. Partners Lucy W. Farr and Po Sit provided tax advice. Counsel Loyti Cheng provided environmental advice. All members of the Davis Polk team are based in the New York office.

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