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Stockwire.com: ON Semiconductor Corporation (NASDAQ:ONNN) just released some important news.
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:03122008
ON Semiconductor Corporation (NASDAQ:ONNN) - ON Semiconductor
Repurchases $60.9 Million of its $260 Million Zero Coupon Convertible
A dedicated Chat Room for ON Semiconductor Corporation (NASDAQ:ONNN)
has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow
shareholders: http://www.stockwire.com/chat
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12/03/08 - ON Semiconductor Repurchases $60.9 Million of its $260
Million Zero Coupon Convertible Senior Subordinated Notes ON
Semiconductor Corporation (NASDAQ:ONNN) today announced that it has
repurchased approximately $60.9 million aggregate principal amount of
its zero coupon convertible senior subordinated notes for approximately
$49.4 million in cash.
"Repurchasing the zero coupon convertible senior subordinated notes
will result in a gain of approximately $11 million in the fourth
quarter of 2008," said Donald Colvin, ON Semiconductor executive vice
president and CFO. "As of the end of the third quarter of 2008, we had
approximately $418 million of cash and equivalents on our balance sheet
and added approximately $25 million from the Catalyst acquisition
subsequent to the quarter end. Even in these challenging times, we
remain committed to improving the value of the company through
transactions such as the repurchase of debt at a significant discount.
The business environment is challenging for the semiconductor industry
and ON Semiconductor management is committed to taking all necessary
actions to add to shareholder value."
About ON Semiconductor
With its global logistics network and strong product portfolio, ON
Semiconductor (NASDAQ:ONNN) is a preferred supplier of high
performance, energy efficient, silicon solutions to customers in the
power supply, automotive, communication, computer, consumer, medical,
industrial, mobile phone, and military/aerospace markets. The company's
broad portfolio includes power, signal management, analog, DSP, advance
logic, clock management, non-volatile memory and standard component
devices. Global corporate headquarters are located in Phoenix, Arizona.
The company operates a network of manufacturing facilities, sales
offices and design centers in key markets throughout North America,
Europe, and the Asia Pacific regions. For more information, visit
http://www.onsemi.com.
ON Semiconductor and the ON Semiconductor logo are registered
trademarks of Semiconductor Components Industries, LLC. All other brand
and product names appearing in this document are registered trademarks
or trademarks of their respective holders. Although the company
references its website in this news release, information on the website
is not to be incorporated herein.
This document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, statements
related to the future financial performance of ON. These
forward-looking statements are based on information available to ON as
of the date of this release and current expectations, forecasts and
assumptions and involve a number of risks and uncertainties that could
cause actual results to differ materially from those anticipated by
these forward-looking statements. Such risks and uncertainties include
a variety of factors, some of which are beyond ON's control. In
particular, such risks and uncertainties include difficulties
encountered in integrating merged businesses; the variable demand and
the aggressive pricing environment for semiconductor products;
dependence on each company's ability to successfully manufacture in
increasing volumes on a cost-effective basis and with acceptable
quality for its current products; the adverse impact of competitive
product announcements; revenues and operating performance; poor
economic conditions and markets, including the current credit markets;
the cyclical nature of the semiconductor industry; changes in demand
for our products; changes in inventories at customers and distributors;
technological and product development risks; availability of raw
materials; competitors' actions; pricing and gross margin pressures;
loss of key customers; order cancellations or reduced bookings; changes
in manufacturing yields; control of costs and expenses; significant
litigation; risks associated with acquisitions and dispositions; risks
associated with leverage and restrictive covenants in debt agreements;
risks associated with international operations; the threat or
occurrence of international armed conflict and terrorist activities
both in the United States and internationally; risks and costs
associated with increased and new regulation of corporate governance
and disclosure standards (including pursuant to Section 404 of the
Sarbanes-Oxley Act of 2002); and risks involving environmental or other
governmental regulation. Information concerning additional factors that
could cause results to differ materially from those projected in the
forward-looking statements is contained in ON's Annual Report on Form
10-K, as filed with the Securities and Exchange Commission (the "SEC")
on February 12, 2008, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K and other of ON's SEC filings. These forward-looking
statements should not be relied upon as representing ON's views as of
any subsequent date and ON does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after the
date they were made.
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