ON Semiconductor Announces Rule 144A Private Offering

February 16, 2003 by Jeff Shepard

ON Semiconductor Corp. (Phoenix, AZ) announced that it and its wholly owned subsidiary, Semiconductor Components Industries LLC, intend to issue approximately $200 million principal amount of senior secured notes due 2010 in a Rule 144A private offering. ON Semiconductor plans to use the net proceeds from the offering to prepay a portion of Semiconductor Components' senior bank facilities. The sale of the senior secured notes is expected to close on or around February 28, 2003.

The senior secured notes will be offered to qualified institutional buyers in reliance on Rule 144A and to non-US persons in reliance on Regulation S under. At the time of the offering, the senior secured notes will not be registered under the Securities Act of 1933 and may not be offered or sold absent such registration or an exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.