ON Semiconductor Announces Redemption of Its Zero Coupon Convertible Senior Subordinated Notes Due 2024

ON Semiconductor Corporation

today announced that it is exercising its option to redeem all remaining outstanding Zero Coupon Convertible Senior Subordinated Notes due 2024, Series B amounting to an aggregate principal amount of $96,235,000. The redemption date will be on April 16, 2012. ON Semiconductor expects to fund the payment of this redemption using available liquidity. The redemption price is equal to $1,000 per $1,000 principal amount of the Notes. Payment of the redemption price will be made upon surrender of the Notes at the addresses provided by the trustee of the Notes in the notice of redemption. A copy of the notice of redemption may be obtained from Wells Fargo Bank, National Association, as trustee and conversion agent by calling 1-800-344-5128. The holders of the Notes have the right to convert their Notes into shares of common stock of ON Semiconductor at a conversion rate of 101.8849 shares per $1,000 principal amount of Notes until the close of business on April 13, 2012. ON Semiconductor will satisfy its conversion obligation with respect to each $1,000 principal amount of Notes tendered for conversion by delivering cash equal to the sum of the daily conversion values, including cash for any net share amount. The observation period will include the 20 consecutive trading days beginning on and including the third trading day after the delivery of a conversion notice to the conversion agent. Holders who wish to convert their Notes must comply with the procedures in the Notes.