---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-047586"
form_type: "8-K"
ticker: "ON"
cik: "0001097864"
company_name: "ON SEMICONDUCTOR CORP"
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T00:27:52.884124+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# onsemi prices $1.3B 0.50% convertible notes due 2029, upsized from $1.1B

## Summary
- Offering upsized to $1.3B aggregate principal amount of 0.50% Convertible Senior Notes due 2029; initial purchasers have option for additional $200M.
- Initial conversion price of ~$103.87 per share, a 32.5% premium over Feb. 23 closing price of $78.39.
- Net proceeds of ~$1.27B to repay up to $1.086B of Term Loan B facility (floating rate 6.42% as of Dec. 31, 2022) and pay ~$148.6M for convertible hedge transactions.
- Company used $100M cash to repurchase ~1.3M shares from note purchasers; board authorized $3B share repurchase program.
- Notes mature March 1, 2029; redeemable at onsemi's option on or after March 6, 2026 if stock price >=130% of conversion price.

## SEC filing metadata
- accession: 0001193125-23-047586
- form_type: 8-K
- ticker: ON
- cik: 0001097864
- company_name: ON SEMICONDUCTOR CORP
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1097864/000119312523047586/0001193125-23-047586-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1097864/000119312523047586/d604761d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-047586
- JSON: https://secwatch.observer/filing/0001193125-23-047586.json
- Plain text: https://secwatch.observer/filing/0001193125-23-047586.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.