ON Semiconductor to redeem 12% notes with convertible proceeds

New York, March 30 - ON Semiconductor said it plans to repurchase and retire its outstanding 12% senior subordinated notes due 2009 with proceeds from an offering of $260 million convertible senior subordinated notes.

The Phoenix semiconductor maker currently has $260 million of the 12% notes outstanding.

Proceeds from the convertible sale will also be used for general corporate purposes. The offering has a $30 million greenshoe which will be used for general corporate purposes, possibly including the repayment of other debt.

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