Renesas Shares Fall on US Partner Wolfspeed Refinance Issues (1)

Shares of Japanese chipmaker Renesas Electronics Corp. plunged 11%, the most in almost eight months, after US partner Wolfspeed Inc. was said to struggle with refinancing.

Wolfspeed is having difficulties reaching a deal with investors to refinance its $575 million convertible bonds due next year, people with knowledge of the matter have said. Its shares sank a record 52% on Friday in New York.

The North Carolina-based chipmaker is continuing to explore alternatives with regard to its convertible notes, and remains in a dialogue with investors including Renesas, it said in a statement. Renesas in 2023 signed a 10-year silicon ...