onsemi announces $1.1B convertible senior notes offering due 2029

ON SEMICONDUCTOR CORP

$1.1B aggregate principal amount of Convertible Senior Notes due 2029; initial purchasers may buy up to $165M additional.
Net proceeds to repay up to $1.086B of Term Loan B Facility (floating rate 6.42% as of Dec 31, 2022).
Proceeds also used to pay cost of convertible note hedge transactions, partially offset by warrant proceeds.
Company may repurchase up to $100M of common stock from note purchasers in connection with the offering.
Notes are senior unsecured, guaranteed by certain subsidiaries, mature March 1, 2029, interest semiannual.

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