ON Semiconductor buys back $60.9 million 0% subordinated convertibles

By Jennifer Chiou

New York, Dec. 3 - ON Semiconductor Corp. said it repurchased $60.9 million of its zero-coupon convertible senior subordinated notes for about $49.4 million in cash.

"Repurchasing the zero-coupon convertible senior subordinated notes will result in a gain of approximately $11 million in the fourth quarter of 2008," Donald Colvin, ON Semiconductor executive vice president and chief financial officer, said in a news release.

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

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