ON Semiconductor Corp. (Phoenix, AZ) announced that it has priced a common stock offering of 34.8 million shares at a public offering price of $4.50 per share that will result in gross proceeds to ON Semiconductor of approximately $157 million. The common stock will be issued by ON Semiconductor under its existing shelf registration statement on file with the Securities and Exchange Commission. The common stock is expected to be issued on September 23, 2003, subject to customary closing conditions.
In connection with the offering, ON Semiconductor granted the underwriters an option for a period of 30 days from the initial offering to purchase up to an additional 5.2 million shares of common stock to cover over-allotments, if any. If exercised in full, these over-allotment shares would amount to approximately $23 million in additional gross proceeds to ON Semiconductor. ON Semiconductor plans to use the net proceeds of the offering to prepay a portion of the loans outstanding under its senior bank facilities.
