secwatch.observer — SEC 8-K summary
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Issuer:     ON SEMICONDUCTOR CORP (ON)
CIK:        0001097864
Form:       8-K
Filed at:   2023-02-24T23:59:59+00:00
Accession:  0001193125-23-047586
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1097864/000119312523047586/0001193125-23-047586-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1097864/000119312523047586/d604761d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-047586

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