ON Semiconductor amends revolving credit facility, lowers pricing

By Tali Rackner

Minneapolis, April 3 – ON Semiconductor Corp. entered into a second amendment to its credit agreement dated April 15, 2016, to reduce interest under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Deutsche Bank AG, New York Branch is the administrative agent.

Interest is now equal to Libor plus 175 basis points. The spread over Libor ranges from 150 bps to 200 bps, depending on the company’s leverage ratio.

The commitment is 25 bps to 35 bps, also based on leverage.

The amendment was effective as of March 31.

Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., BMO Capital Markets Corp., HSBC Securities (USA) Inc. and Sumitomo Mitsui Banking Corp. acted as joint lead arrangers and bookrunners on the credit agreement with HSBC Bank USA, NA and Sumitomo Mitsui as co-documentation agents.

ON Semiconductor is based in Phoenix.

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