onsemi launches $1.1B convertible notes offering
ON Semiconductor (NASDAQ:ON) said Wednesday it intends to offer $1.1 billion of convertible senior notes due 2029 in a private offering.
The company also expects to grant to the initial purchasers of the notes an option to purchase up to an additional $165 million of the notes.
onsemi intends to use the net proceeds from the offering, together with cash on hand to repay up indebtedness of certain loan facility, among other things.
The company may use also cash on hand to repurchase up to $100.0 million of its common stock from purchasers of the notes in the offering.Â 
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Press Release.