ON Semiconductor draws $1.17 billion under revolving credit facility

By Sara Rosenberg

New York, March 24 – ON Semiconductor Corp. borrowed $1.17 billion under its revolving credit facility on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.

The drawing was made as a precautionary measure in order to increase the company’s cash position and facilitate financial flexibility in light of the current uncertainty resulting from the Covid-19 virus.

The borrowings will be available for working capital, general corporate or other purposes.

ON Semiconductor is a Phoenix-based semiconductor company.

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