By Paul A. Harris
St. Louis, Mo., May 1 - ON Semiconductor Corp. and Semiconductor Components Industries, LLC jointly issued $300 million of senior secured notes due May 15, 2008 (B3/CCC+), pricing them on Wednesday afternoon at a discounted level of 96.902 to yield 12¾%, according to a syndicate source.
Price talk was 12½%-12¾%. The deal was originally announced with three years of call protection but was changed to four years.
Credit Suisse First Boston and Morgan Stanley were joint bookrunners. The co-managers were JP Morgan and Salomon Smith Barney.
Proceeds from the Rule 144A deal will be used to repay bank debt.
The semiconductor-maker is based in Phoenix, Ariz.
Issuer: ON Semiconductor Corp./Semiconductor Components Industries LLC
Amount: $300 million
Maturity: May 15, 2008
Type: Senior secured notes
Bookrunners: Credit Suisse First Boston, Morgan Stanley
Co-managers: JP Morgan, Salomon Smith Barney
Coupon: 12%
Price: 96.902
Yield: 12¾%
Price talk: 12½%-12¾%.
Spread: 805 basis points over 5 5/8% Treasury of May 2008
Call features: Callable on May 15, 2006 at 106, 103, par on May 15, 2008 and thereafter
Equity clawback: Until May 15, 2005 for 35% at 112
Settlement date: May 6, 2002
Ratings: Moody's: B3
| Standard & Poor's: CCC+
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| Rule 144A CUSIP: | 682188AA5
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