ON Semi Purchases Approximately $66 Million Of Its $260 Million Zero Coupon Convertible Senior Subordinated Notes

ON Semiconductor Corp. announced that it has purchased approximately $66 million aggregate principal amount of its zero coupon convertible senior subordinated notes at approximately 93% of par value using approximately $33 million in cash and approximately 7.4 million shares of common stock.

"We continue to use the cash on our balance sheet to pro-actively reduce the overall leverage of the company," said Donald Colvin, ON Semiconductor Executive Vice President and CFO. "Since the third quarter of 2008, the company has repurchased approximately $127 million or 49% of its zero coupon convertible senior subordinated notes at an approximate average of 87% of par value. We remain committed to improving the capital structure of the company through transactions such as the repurchase of debt at a discount."