ON Semiconductor pays $445 million for redeemed, converted 2.625% convertible notes due 2026

By Marisa Wong

Morgantown, W.Va., Feb. 1 – ON Semiconductor Corp. paid about $445 million to settle the redemption and conversion of its 2.625% convertible senior subordinated notes due 2026, series B. The final conversion was settled on Jan. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

In November the company announced it would redeem all $356.93 million of its outstanding 2.625% convertibles on Dec. 20.

Holders had the right to convert their notes into ON Semiconductor common stock at a conversion rate of 95.2381 shares per $1,000 principal amount until the close of business on Dec. 19.

The company settled the notes tendered for conversion with cash, according to Wednesday’s 8-K filing.

ON Semiconductor is a Phoenix-based semiconductor company.

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