ON Semiconductor to launch $1.21 billion term loan B on Monday

By Sara Rosenberg

New York, May 11 – ON Semiconductor Corp. is set to hold a lender call at 10 a.m. ET on Monday to launch a $1,205,000,000 covenant-light term loan B due March 2023, according to a market source.

Deutsche Bank Securities Inc. is the left lead bookrunner on the deal.

Price talk on the term loan B is Libor plus 175 basis points with a 0% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.

Commitments from existing lenders are due at noon ET on May 21 and commitments from new lenders are due at noon ET on May 22, the source added.

ON Semiconductor is a Phoenix-based semiconductor company.

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