ON Semiconductor launches term loan amendment to switch to SOFR

By Sara Rosenberg

New York, Nov. 7 – ON Semiconductor launched on Monday an amendment to its $1.089 billion first-lien term loan due September 2026 to migrate to SOFR from Libor, according to a market source.

Under the amendment, pricing on the term loan would be SOFR plus 200 basis points with 10 bps CSA, versus Libor plus 200 bps currently, the source said.

Deutsche Bank Securities Inc. is leading the amendment.

Negative consent for the amendment is required at noon ET on Nov. 14, the source added.

ON Semiconductor is a Phoenix-based semiconductor company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.