ON Semiconductor issues stock, cash for $66 million 0% convertibles

By Jennifer Chiou

New York, March 27 - ON Semiconductor Corp. entered into privately negotiated exchanges under which it issued 7,367,581 common shares and about $33 million in cash in exchange for $66 million of its zero-coupon convertible senior subordinated notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The exchanges took place between Feb. 19 and April 1.

The $66 million of notes made up about 33% of the $199.1 million of notes that was outstanding prior to the exchanges.

ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.

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