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ON Semiconductor $645 million term loan G to launch Friday
By Sara Rosenberg
New York, Dec. 2 - ON Semiconductor Corp. is scheduled to hold a conference call on Friday to launch its proposed $645 million seven-year term loan G, according to a syndicate document.
Credit Suisse First Boston and JPMorgan are joint lead arrangers on the deal.
The term loan is priced with an interest rate of Libor plus 275 basis points, the document said.
Proceeds will be used along with cash on hand to help fund a tender offer for the company's 12% senior secured notes due in 2008 and 2010 and to refinance debt. The company has about $195 million of 2008 notes outstanding and about $130 million of 2010 notes outstanding. The tender offer expires on Dec. 29.
ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.
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