ON Semiconductor Completes Senior Note Offering

May 07, 2002 by Jeff Shepard

ON Semiconductor LLC (Phoenix, AZ) announced that it, and its primary domestic operating subsidiary, co-issued $300.0 million aggregate principal amount of senior secured notes pursuant to a Rule 144A/Regulation S offering.

The senior notes were priced at 96.902 percent of value, with a coupon of 12 percent, subject to adjustment under certain circumstances. The notes will mature on May 15, 2008, and are non-callable for four years. The company used the net proceeds from the offering to prepay a portion of its term loan borrowings under its senior bank facilities.