ON Semi Reports Tender Offer/Consent Solicitation

April 06, 2004 by Jeff Shepard

ON Semiconductor Corp. (Phoenix, AZ) announced that it is commencing a cash tender offer for any and all outstanding $260,000,000 aggregate principal amount of the 12-percent senior subordinated notes due 2009 previously issued by the company and Semiconductor Components Industries LLC, on the terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation Statement dated April 6, 2004.

ON Semiconductor also is soliciting consents for amendments to the indenture under which the notes were issued. Holders who tender their notes will be required to consent to the proposed amendments and holders who consent will be required to tender their notes. Consummation of the offer is subject to the satisfaction of a number of conditions.

The offer will expire at midnight, New York City time, on May 3, 2004, unless extended or earlier terminated. Holders of notes must tender their notes at or prior to the expiration time to receive the tender offer consideration.