ON Semiconductor lines up amended $800 million five-year revolver

By Susanna Moon

Chicago, Oct. 10 - ON Semiconductor said it lined up an amended $800 million five-year senior revolving credit facility.

The agreement expires in October 2018, and interest on the loans will be Libor plus a rate based on leverage, according to a company press release.

There is an unused fee of 35 basis points, which can vary also based on leverage.

At closing, the company is drawing $120 million with funding expected to occur on Oct. 14.

The drawn proceeds will be used for general corporate purposes.

Under the terms, the company is required to maintain a maximum total leverage ratio of less than 3.75 times and a minimum interest coverage ratio of 3.5 times.

ON Semiconductor is a Phoenix-based semiconductor company.

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