ON Semi files for stock sale

January 5, 2004 – ON Semiconductor has applied to the SEC for a sale of 46.0 million shares of its common stock owned by the company, and 17.25 million shares owned by TPG Advisors II Inc.

Proceeds of the sale (at recent closing prices, roughly $400 million) would be used for general corporate purposes, including debt repayments. The company has also refinanced $48 million in term loans via a new loan to its JV in China, which will save the company up to $1 million/year in interest.


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