Product category: Power Supply ICs and Controllers
News Release from: ON Semiconductor
Edited by the Electronicstalk Editorial Team on 22 September 2003
Common stock offering set
to raise $157 million
ON Semiconductor has priced a common stock offering of 34.8 million shares at a public offering price of $4.50 per share that will result in gross proceeds of approximately $157 million
The common stock will be issued by ON Semiconductor under its existing shelf registration statement on file with the Securities and Exchange Commission. The common stock is expected to be issued on Tuesday 23rd September 2003, subject to customary closing conditions. In connection with the offering, ON Semiconductor granted the underwriters an option for a period of 30 days from the initial offering to purchase up to an additional 5.2 million shares of common stock to cover overallotments, if any.
If exercised in full, these overallotment shares would amount to approximately $23 million in additional gross proceeds to ON Semiconductor.
ON Semiconductor plans to use the net proceeds of the offering to prepay a portion of the loans outstanding under its senior bank facilities.
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