ON Semiconductor uses $65 million to pay down debt in third quarter

By Devika Patel

Knoxville, Tenn., Oct. 29 – ON Semiconductor Corp. used $65 million of its cash to pay down debt last quarter.

“We expect a higher level of capital intensity for this year and next,” executive vice president and chief financial officer Bernard Gutmann said on the company’s third quarter ended Sept. 28 earnings conference call on Monday.

“We continue to de-lever our balance sheet and, in the third quarter, we used $65 million to pay down debt,” he said.

Third quarter free cash flow was $228 million.

Cash and cash equivalents were $951 million as of Sept. 28, 2018, compared to $850.2 million as of June 29, 2018 and $949.2 million as of Dec. 31, 2017.

ON Semiconductor is a Phoenix-based semiconductor company.

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