secwatch.observer — SEC 8-K summary
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Issuer:     ON SEMICONDUCTOR CORP (ON)
CIK:        0001097864
Form:       8-K
Filed at:   2023-06-26T23:59:59+00:00
Accession:  0001193125-23-174498
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ON Semiconductor enters $1.5B revolver, borrows $375M to refinance existing debt
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- $1.5B senior revolving credit facility maturing June 22, 2028.
- Borrowed $375M at closing to repay existing credit agreement and fees.
- Financial covenant: max total net leverage ratio 4.00:1 pre-investment grade, 3.50:1 post.
- Interest based on Term SOFR/EURIBOR/TIBOR plus margin; BMO Capital Markets as sustainability structuring agent.
- Domestic subsidiaries guarantee; security pledge over substantially all assets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1097864/000119312523174498/0001193125-23-174498-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1097864/000119312523174498/d476071d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-174498

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