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ON Semiconductor calls remaining $72.6 million 2.625% convertibles
By Marisa Wong
Madison, Wis., Nov. 19 - ON Semiconductor Corp. announced it will redeem all $72.6 million of its outstanding 2.625% convertible senior subordinated notes due 2026 on Dec. 20.
The convertible notes will be redeemed at par of $1,000 plus accrued interest to the redemption date.
ON Semiconductor said it expects to fund the redemption using available liquidity.
Holders may convert their notes into ON Semiconductor common shares at a conversion rate of 95.2381 shares per $1,000 principal amount until the close of business on Dec. 19.
The conversion price is $10.50. ON Semiconductor stock closed at $6.87 (Nasdaq: ONNN) on Nov. 19.
Deutsche Bank Trust Co. Americas is the trustee and conversion agent.
The semiconductor company is based in Phoenix.
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