ON Semiconductor to pay down bank debt with $200 million note offering

New York, Feb. 14 - ON Semiconductor Corp. said it will repay part of Semiconductor Components' senior bank facilities with proceeds from an upcoming offering of $200 million seven-year notes.

ON Semiconductor said it and Semiconductor Components have obtained amendments to their bank facilities to permit issuance of the notes.

The senior secured first priority notes due 2010 will be sold through joint bookrunners Salomon Smith Barney and Credit Suisse First Boston.

The roadshow begins Tuesday for the note sale and pricing is expected on Feb. 25, according to a syndicate source.

ON Semiconductor is a Phoenix-based manufacturer of semiconductors and electronics components.

Coinmach repays $15 million of term loans

New York, Feb. 14 - Coinmach Corp. said it paid down $15 million of bank debt in December 2002 as a voluntary prepayment.

As of Dec. 31, 2002 the company had $18.3 million outstanding on its term loan due Jan. 25, 2008 and $243.0 million on the loan due July 25, 2009. There were no borrowings on its revolver due Jan. 25, 2008.

Coinmach also said in a filing with the Securities and Exchange Commission that quarterly amortization payments on the $30 million term loan begin on March 31, 2003. The payments began June 30, 2002 on the $250 million term loan.

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