ON Semiconductor in market with $345 million credit facility

By Sara Rosenberg

New York, April 8 - ON Semiconductor Corp. is in the market with an approximately $345 million (B3) credit facility, according to a syndicate document. JPMorgan and Credit Suisse First Boston are the join lead arrangers on the deal, with JPMorgan acting as administrative agent.

The facility consists of a $25 million 31/2-year revolver with an interest rate of Libor plus 275 basis points and a $320 million 41/2-year term loan F with an interest rate of Libor plus 275 basis points, according to the document.

Proceeds from the facility, which was launched via a conference call on Wednesday, will be used to refinance existing debt.

ON Semiconductor is a Phoenix-based semiconductor company.

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