New Issue: ON Semiconductor $200 million seven-year notes price at discount to yield 13%

By Paul A. Harris

St. Louis, Feb. 26 - Semiconductor Components Industries LLC, a subsidiary of Phoenix, Arizona-based ON Semiconductor Corp., priced $200 million of 12% senior secured first priority notes due March 15, 2010 (B3/B) at 95.467 to yield 13%, according to a syndicate source.

Price talk was for a yield of 12¾%-13%.

Salomon Smith Barney and Credit Suisse First Boston were joint bookrunners.

Proceeds from the Rule 144A deal will be used to prepay a portion of Semiconductor Components' senior bank facilities.

Issuer: Semiconductor Components Industries LLC

Amount:	$200 million
Maturity:	March 15, 2010
Security description:	Senior secured first priority notes
Bookrunners:	Salomon Smith Barney, Credit Suisse First Boston (joint)
Coupon:	12%
Price:	95.467
Yield:	13%
Spread:	966 basis points
Call features:	Callable on March 15, 2007 at 106, then at 103, declining to par on March 15, 2009 and thereafter
Equity clawback:	Until March 15, 2006 for 35% at 112.0
Settlement date:	March 3, 2003 (T+3)
Ratings:	Moody's: B3
	Standard & Poor's: B
Rule 144A Cusip:	682188AC1
Price talk:	12¾%-13%

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