ON Semiconductor $1.5 billion offering of convertible senior notes
The 0.5% convertible senior notes are due 2029
Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A offering by ON Semiconductor Corp. of $1.5 billion aggregate principal amount of its 0.50% convertible senior notes due 2029, which included $200 million principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised counterparties to the convertible note hedge and warrant transactions in connection with the convertible notes offering.
onsemi (Nasdaq: ON) provides industry leading intelligent power and sensing solutions to help its customers solve challenging problems and create cutting edge products for a better future. onsemi’s intelligent power technologies enable the electrification of the automotive industry that allows for lighter and longer-range electric vehicles, empowers efficient fast-charging systems and propels sustainable energy for the highest efficiency solar strings, industrial power and storage systems.
The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Gil Savir and Yi Wang. The equity derivatives team included partners Mark J. DiFiore, Derek Walters and Caitlin L. Wood, counsel Justin Michael and Hanbing Zhang and associate Eugenia S. Lee. Partner Lucy W. Farr provided tax advice. All members of the Davis Polk team are based in the New York office.