ON Semiconductor firms $2.38 billion term loan B at Libor plus 225 bps

By Sara Rosenberg

New York, March 17 – ON Semiconductor Corp. set pricing on its $2.38 billion covenant-light term loan B due March 2023 at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.

As before, the loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, HSBC, SMBC and BMO Capital Markets are the bookrunners on the deal, with Deutsche Bank the administrative agent.

Proceeds will be used to reprice an existing term loan B from Libor plus 325 bps with a 0% Libor floor.

Allocations are expected on Monday, the source said.

Closing is expected on March 31.

ON Semiconductor is a Phoenix-based semiconductor company.

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