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ON Semiconductor to sell $300 million seven-year notes
New York, April 17 - ON Semiconductor Corp. said it plans to sell $300 million of senior secured notes due 2008 in a Rule 144A offering. The deal will be jointly issued with its Semiconductor Components Industries LLC subsidiary.
The Phoenix, Ariz. semiconductor company will use proceeds to prepay part of Semiconductor Components' term loans.
The two companies said they have obtained an amendment to the bank facilities to permit the issuance of the notes.
The sale is expected to close before May 10.
ON Semiconductor did not disclose further details on timing or the underwriters for the deal, which was announced late in the day.
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