ON Semiconductor pays down $62 million of credit facility

By Jennifer Chiou

New York, Oct. 2 - ON Semiconductor said it prepaid $60 million of its senior secured credit facility in addition to a $2 million quarterly principal payment.

Also, during the third quarter of 2006, the company refinanced its loans with two Chinese banks in a series of transactions, extending the maturity to 2009 from 2006 for about $31 million.

"Over the last year, we have paid down over $125 million of total debt, consistent with our financial strategy," executive vice president and chief financial officer Donald Colvin said in a new release.

ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.