ON Semiconductor closed the refinancing of its secured debt facilities which included a $200 million upsize to $2.4 billion. Deutsche Bank, Merrill Lynch, HSBC and BMO acted as joint lead arrangers.
ON Semiconductor entered into a $600 million revolving credit facility and a $2.2 billion term loan B facility with a group of lenders led by Deutsche Bank, NY as administrative agent.
ON Semiconductor will acquire Fairchild Semiconductor for $2.4 billion. Bank of America Merrill Lynch and Deutsche Bank committed a $2.4 billion term loan and a $300 million revolver to support the acquisition.
ON Semiconductor announced that it entered into an amended revolving credit facility with a group of lenders enabling the company to borrow up to $800 million. JP Morgan Chase acted as administrative agent.