| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for ON Semiconductor Corp. > News item |
S&P rates ON Semiconductor convertibles BB-
S&P said it assigned its BB- issue-level rating to ON Semiconductor Corp.'s proposed $500 million senior unsecured convertible notes.
At the same time, the agency affirmed its BB issue-level rating on the company's senior secured debt and its BB- issue-level rating on the existing unsecured convertible debt.
The corporate credit rating is unchanged at BB.
The 5 recovery rating on the proposed $500 million senior unsecured notes indicates an expectation of modest (10%-30%; rounded estimate 15%) recovery in the event of a payment default.
ON Semiconductor Corp. is planning to put most of the proceeds from the notes toward its existing term loan.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.