ON Semiconductor prices upsized $1.3B convertible senior note offering

ON Semiconductor announced the pricing of its private offering of $1.3 billion aggregate principal amount of 0.50% Convertible Senior Notes due 2029 at a 32.5% premium to the closing price of onsemi’s common stock on February 23, 2023, of $78.39. The aggregate principal amount of the offering was increased from the previously announced offering size of $1.1 billion. The notes will mature on March 1, 2029, unless earlier repurchased, redeemed or converted. The initial conversion rate is 9.6277 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $103.87 per share, representing a premium of 32.5% over the closing price of the common stock of $78.39 per share on February 23, 2023.