ON Semiconductor $300 million seven-year notes talked at 12½%-12¾%, pricing Wednesday

By Paul A. Harris

St. Louis, Mo., April 30 - Price talk of 12½%-12¾% emerged Tuesday for ON Semiconductor Corp/Semiconductor Components Industries, LLC's $300 million of senior secured notes due 2008 (B3/CCC+), according to a syndicate source who added that the deal is expected to price late Wednesday.

Credit Suisse First Boston and Morgan Stanley are joint bookrunners. JP Morgan and Salomon Smith Barney co-managers.

The Rule 144A notes are non-callable for three years.

Proceeds will be used to prepay a portion of Semiconductor Components' term loans under its senior bank facilities.

Texas Pacific Group is the financial sponsor.

The company is a Phoenix, Ariz.-based semiconductor maker.

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