ON Semi Completes Senior Secured Notes Offering
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.