PHOENIX, Ariz. – July 24, 2006 – ON Semiconductor (Nasdaq: ONNN) announced today that it recently completed its offer to exchange $1,000 principal amount of its then outstanding $260,000,000 zero coupon convertible senior subordinated notes due 2024 (CUSIP numbers 682189 AA3 and 682189 AB1) for $1,000 principal amount of new notes with, among other things, a “net share settlement” mechanism, and a cash acquisition make-whole feature plus an exchange fee of $2.50 (CUSIP number 682189 AE5). The exchange offer expired at 5.p.m., New York City time, on July 19, 2006.
Based on the information provided by Wells Fargo Bank, National Association, the exchange agent for the exchange offer, as of the expiration of the exchange offer, a total of $259,508,000 principal amount of old notes, or 99.8 percent of the outstanding aggregate principal amount of old notes, had been tendered for an equal amount of the new notes. All old notes that were properly tendered and not withdrawn have been accepted and exchanged for the new notes.
THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN EXCHANGE OFFER. THE EXCHANGE OFFER WILL BE ONLY PURSUANT TO AN OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS.
About ON Semiconductor
With its global logistics network and strong portfolio of power semiconductor devices, ON Semiconductor (Nasdaq: ONNN) is a preferred supplier of power solutions to engineers, purchasing professionals, distributors and contract manufacturers in the computer, cell phone, portable devices, automotive and industrial markets. For more information, please visit ON Semiconductor's website at https://www.onsemi.com.
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