News Article
Buying back the debt
ON Semiconductor purchases approximately $66 Million of its $260 Million zero coupon convertible senior subordinated notes
ON Semiconductor Corporation announced they have purchased approximately $66 million aggregate principal amount of its zero coupon convertible senior subordinated notes at approximately 93 percent of par value using approximately $33 million in cash and approximately 7.4 million shares of common stock.
“We continue to use the cash on our balance sheet to pro-actively reduce the overall leverage of the company,” said Donald Colvin, ON Semiconductor executive vice president and CFO. “Since the third quarter of 2008, the company has repurchased approximately $127 million or 49 percent of its zero coupon convertible senior subordinated notes at an approximate average of 87 percent of par value. We remain committed to improving the capital structure of the company through transactions such as the repurchase of debt at a discount.”
“We continue to use the cash on our balance sheet to pro-actively reduce the overall leverage of the company,” said Donald Colvin, ON Semiconductor executive vice president and CFO. “Since the third quarter of 2008, the company has repurchased approximately $127 million or 49 percent of its zero coupon convertible senior subordinated notes at an approximate average of 87 percent of par value. We remain committed to improving the capital structure of the company through transactions such as the repurchase of debt at a discount.”
