ON Semiconductor Corp. (Phoenix, AZ) announced that it has priced at par $260.0 million principal amount of zero coupon convertible senior subordinated notes due April 15, 2024. The senior subordinated notes will be convertible, under certain circumstances, into approximately 26.5 million shares of ON Semiconductor common stock at a conversion price of approximately $9.82 per share.
The sale of the notes is expected to close on April 6, 2004. The company expects to use the net proceeds from the offering for the repurchase and retirement of its outstanding 12-percent senior subordinated notes due 2009, and for general corporate purposes. ON Semiconductor also has granted an option to the initial purchasers for up to an additional $30.0 million in principal amount of notes.
