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ON Semiconductor greenshoe raises convertibles to $575 million
New York, April 3 – ON Semiconductor Corp. said the underwriters of its recent offering of 1.625% convertible senior notes due 2023 exercised the $75 million over-allotment option in full, increasing the total size to $575 million.
The company previously priced $500 million of the convertibles after the close on March 14.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., BMO Capital Markets and HSBC were the bookrunners.
Proceeds will be used to repay part of the company’s term loan B and for transaction fees and expenses.
ON Semiconductor is based in Phoenix.
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