secwatch.observer — SEC 8-K summary
======================================

Issuer:     ON SEMICONDUCTOR CORP (ON)
CIK:        0001097864
Form:       8-K
Filed at:   2023-03-02T23:59:59+00:00
Accession:  0001193125-23-056593
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ON Semiconductor completes $1.5B convertible note offering, uses proceeds to repay debt
--------------------------------------------------------------------------------

- Completed $1.5B aggregate principal of 0.50% Convertible Senior Notes due 2029, including $200M greenshoe.
- Net proceeds ~$1.466B; to repay $1.086B Term Loan B facility and pay $171.5M cost of convertible note hedges.
- Initial conversion price ~$103.87 per share (conversion rate 9.6277 shares per $1,000).
- Sold warrants with strike $156.78 (100% premium over $78.39 close) to offset hedge cost.
- Notes guaranteed by subsidiaries that are borrowers under credit agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1097864/000119312523056593/0001193125-23-056593-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1097864/000119312523056593/d382064d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-056593

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer