ON Semiconductor to launch $1.6 billion term loan B on Monday

By Sara Rosenberg

New York, Sept. 6 – ON Semiconductor Corp. is set to hold a lender call on Monday to launch a $1.635 billion seven-year term loan B (Baa3/BB), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 200 basis points to 225 bps with a 0% Libor floor and an original issue discount of 99.5, the source said.

Proceeds will be used to extend an existing term loan B and repay revolving credit facility borrowings.

ON Semiconductor is a Phoenix-based semiconductor company.

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