ON Semiconductor has entered into a $600 million senior revolving credit facility and a $2.2 billion term loan B facility, the terms of which are set forth in a credit agreement, dated of April 15, 2016, according to an 8-K filing. Deutsche Bank, New York Branch, served as administrative agent and collateral agent, Deutsche Bank Securities, Merrill Lynch, BMO Capital Markets, HSBC Securities (USA) and Sumitomo Mitsui Banking were joint lead arrangers and joint bookrunners.

Barclays Bank, Compass Bank, The Bank of Tokyo-Mitsubishi UFJ, Morgan Stanley Senior Funding, BOKF and KBC Bank NV served as co-managers, and HSBC Bank USA and Sumitomo Mitsui Banking served as co-documentation agents.

The gross proceeds were deposited into escrow accounts and will be available to pay, directly or indirectly, the purchase price of the company’s previously announced acquisition of Fairchild Semiconductor International.

Phoenix-based On Semiconductor offers a comprehensive portfolio of energy efficient power and signal management, logic, standard and custom devices.