ON Semiconductor lifts revolver to $1.9 billion, extends maturity

By Sarah Lizee

Olympia, Wash., June 17 – ON Semiconductor Corp. amended its credit agreement on June 12 with Deutsche Bank AG New York Branch as administrative agent, increasing the revolver to $1.9 billion, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date of the revolver was extended to the later of (a) Dec. 30, 2022 or (b) June 12, 2024 so long as the borrowings under the term loan B have been fully repaid or otherwise redeemed, discharged or defeased on or prior to Dec. 30, 2022 or if the maturity date of borrowings under the term loan B has been extended prior to Dec. 30, 2022, to a date no earlier than June 12, 2024.

Some financial covenants were amended, including deleting the minimum interest coverage ratio and increasing the maximum consolidated total net leverage ratio to 4.5 to 1 from 4 to 1 during any period of four consecutive fiscal quarters commencing after a permitted acquisition with consideration in excess of $250 million.

ON Semiconductor is a Phoenix-based semiconductor company.

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