PHOENIX, Ariz. – May 21, 2009 – ON Semiconductor Corporation (Nasdaq: ONNN) today announced it has recently repurchased approximately $34 million aggregate principal amount of its zero coupon convertible senior subordinated notes at approximately 94 percent of par value using approximately $32 million in cash. Under the now completed Board of Directors’ authorized debt repurchase program, the company retired a total of approximately $100 million in face value of its zero coupon convertible senior subordinated notes in the first and second quarters of 2009.

“As of the end of the first quarter of 2009, we had approximately $402 million of cash and cash equivalents on our balance sheet,” said Donald Colvin, ON Semiconductor executive vice president and CFO. “Aggressively managing costs during this challenging economic period has allowed ON Semiconductor to continue generating positive cash flow from operating activities and enables the company to pro-actively reduce the overall leverage of the company. Since the third quarter of 2008, the company has retired approximately $204 million in face value of debt. We remain committed to improving the capital structure of the company and continue to examine opportunities to improve shareholder value.”

About ON Semiconductor
With its global logistics network and strong product portfolio, ON Semiconductor (Nasdaq: ONNN) is a preferred supplier of high performance, energy efficient, silicon solutions to customers in the power supply, automotive, communication, computer, consumer, medical, industrial, mobile phone, and military/aerospace markets. The company’s broad portfolio includes power, signal management, analog, DSP, advance logic, clock management, non-volatile memory and standard component devices. Global corporate headquarters are located in Phoenix, Arizona. The company operates a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe, and the Asia Pacific regions. For more information, visit https://www.onsemi.com.

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ON Semiconductor and the ON Semiconductor logo are registered trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the company references its website in this news release, information on the website is not to be incorporated herein.

About onsemi

onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. With a highly differentiated and innovative product portfolio, onsemi creates intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way in creating a safer, cleaner, and smarter world.

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onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.

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