Moody’s rates ON Semiconductor amended loan Baa3

Moody’s Investors Service said it rated ON Semiconductor Corp.’s amended senior secured term loan Baa3. All other ratings, including the company’s Ba1 corporate family rating and Baa3 rating on its existing $1.9 billion senior secured revolver, are unchanged.

The loan is being amended to extend its maturity to 2026 and boost the size of the facility by $500 million. The incremental loan will be leverage-neutral, since the company plans to use most of the loan’s proceeds to pay down the balance on the revolver, the agency said.

The outlook is stable.

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