ON Semiconductor’s $700 Million Offering of Senior Notes

Davis Polk advised the representative of the several initial purchasers in connection with a Rule 144A/Regulation S offering by ON Semiconductor Corp. of $700 million aggregate principal amount of its 3.875% senior notes due 2028.

ON Semiconductor (Nasdaq: ON) is driving energy efficient innovations, empowering customers to reduce global energy use. The company is a leading supplier of semiconductor-based solutions, offering a comprehensive portfolio of energy efficient power management, analog, sensors, logic, timing, connectivity, discrete, SoC and custom devices. The company’s products help engineers solve their unique design challenges in automotive, communications, computing, consumer, industrial, medical, aerospace and defense applications. ON Semiconductor operates a responsive, reliable, world-class supply chain and quality program, a robust compliance and ethics program and a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe and the Asia Pacific regions.

The Davis Polk capital markets team included partner Michael Kaplan and associate John H. Runne. Partner Pritesh P. Shah and associate Yana Kipnis provided intellectual property advice. Counsel David A. Zilberberg provided environmental advice and partner Patrick E. Sigmon and associate Sunny Kim provided tax advice. All members of the Davis Polk team are based in the New York office.