ON Semiconductor sets $1.64 billion term B at Libor plus 200 bps

By Sara Rosenberg

New York, Sept. 16 – ON Semiconductor Corp. firmed pricing on its $1.635 billion seven-year term loan B (Baa3/BB) at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, according to a market source.

Also, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.

The term loan still has a 0% Libor floor.

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

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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