ON Semiconductor Announces Completion of Private Exchange of $100M Convertible Senior Subordinated Notes
ON Semiconductor Corporation (Nasdaq: ONNN) today announced that it has successfully completed a privately negotiated exchange of approximately $100 million aggregate principal amount of its 2.625 percent Convertible Senior Subordinated Notes due in 2026 with certain institutional holders.
“Through this privately negotiated exchange, ON Semiconductor has been able to reduce its 2013 total debt obligations by approximately 26 percent or $100 million,” said Keith Jackson, ON Semiconductor president and CEO. “In addition, this transaction provides the company with additional flexibility to return capital back to shareholders through programs such as the recently announced $300 million share repurchase program for our common stock.”
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