03:14 AM EST, 02/23/2023 (MT Newswires) -- ON Semiconductor (ON) said Wednesday that it plans to offer $1.1 billion of convertible senior unsecured notes due March 1, 2029, in a private offering.
The company also plans to grant the initial purchasers of the notes a 13-day option to buy up to an additional $165 million of the notes.
The company expects to use the net proceeds, together with cash on hand, to repay up to $1.09 billion of existing outstanding indebtedness under its term loan B facility, to pay the cost of certain convertible note hedge transactions and the remainder, if any, for general corporate purposes.
The initial conversion rate and other terms will be determined through negotiations between the company and the initial purchasers of the notes.
Moreover, the company may use cash on hand to repurchase up to $100 million of its common stock from purchasers of the notes under its $3 billion share repurchase authorization.
Price: 77.4, Change: -1.16, Percent Change: -1.48
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