ON Semiconductor repays $66.4 million of 10% junior notes

New York, Nov. 14 - On Semiconductor Corp. said it repaid $66.4 million of its 10% junior subordinated note due 2011 issued by subsidiary Semiconductor Components Industries, LLC.

The Phoenix-based maker of power semiconductors now has $91.0 million of the 10% notes outstanding.

Funding came from cash on hand.

"Coupled with the recently announced conversion of our series A cumulative preferred stock into common stock, this transaction represents another successful action taken by the company to eliminate high-cost securities from the balance sheet and improve our overall capital structure," said Donald Colvin, ON Semiconductor senior vice president and chief financial officer, in a news release.

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