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ON Semiconductor tenders for 12% notes
New York, April 6 - ON Semiconductor Corp. announced a cash tender offer for any and all its outstanding $260 million principal amount of 12% senior subordinated notes due 2009 issued by the company and Semiconductor Components Industries LLC.
ON Semiconductor is also soliciting consents to amend the note indenture.
The Phoenix semiconductor manufacturer will pay $1,089.06 per $1,000 principal amount for notes tendered by the early tender deadline of 5 p.m. ET on April 19.
Holders who tender after that date but before the expiration of midnight ET on May 3 will receive $1,059.06 per $1,000 principal amount.
In both cases ON Semiconductor will pay accrued interest up to but excluding the settlement date.
Holders cannot tender without giving consents or consent without tendering.
ON Semiconductor said it may accept all notes tendered by the early tender deadline at any time after the early tender deadline. It added that it currently expects to buy those notes on April 20.
The company said it expects to call any notes not tendered once the amendments to the note indenture become effective.
Morgan Stanley & Co. Inc. is the dealer manager for the offer (800 624-1808) and Georgeson Shareholder Communications Inc. is the information agent (800 377-9583, banks and brokerage firms call 212 440-9800).
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