ON Semiconductor amends credit facility to allow more junior debt, prepays $120 million

By Angela McDaniels

Seattle, Dec. 8 - ON Semiconductor Corp. received approval from its lenders to amend its senior secured credit facility to allow the company to replace a significant portion of its bank debt with other debt, to incur additional junior debt and to permit the expenditure of up to $300 million to repurchase shares of common stock, according to a company news release.

The stock repurchases may be made if, at the time of the repurchase, the amount outstanding under the facility is less than $225 million and ON Semiconductor meets a specified leverage condition.

The company said it also prepaid roughly $120 million of the facility using cash on hand. Borrowings under the facility now total about $399 million.

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

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