ON Semi Completes Senior Secured Notes Offering

March 03, 2003 by Jeff Shepard

ON Semiconductor Corp. (Phoenix, AZ) announced that it and its primary domestic operating subsidiary, Semiconductor Components Industries LLC, co-issued $200 million aggregate principal amount of senior secured notes pursuant to a Rule 144A/Regulation S offering. The senior secured notes were priced at 95.467 percent of the principal amount, with a coupon of 12 percent. The notes will mature on March 15, 2010, and are non-callable for four years.

The company has used the net proceeds from the offering to prepay a portion of the term loan under its senior bank facilities and to pay a portion of the loans under its revolving credit facility and cancel the commitment relating to such portion.