$ON · ON SEMICONDUCTOR CORP
On November 12, 2026, ON Semiconductor entered into an Amended and Restated Credit Agreement replacing its June 22, 2023 credit agreement. The new facility provides a $1.75 billion senior revolving credit facility maturing November 12, 2031, with a springing maturity tied to certain convertible notes. No amounts were borrowed at closing; proceeds are available for working capital, general corporate purposes, and permitted acquisitions.
- $1.75B senior revolving credit facility replaces the June 22, 2023 credit agreement.
- Facility matures November 12, 2031, with a springing maturity 91 days before certain convertible notes mature.
- Interest is SOFR/EURIBOR/TIBOR or RFR plus 1.25%, or ABR-based, adjustable with leverage.
- Single financial covenant: max total net leverage ratio of 4.00x (3.50x after investment-grade trigger).
- No borrowings were drawn on the closing date.
Price data unavailable.
A routine refinancing that extends ON's liquidity runway to 2031 with no immediate drawdown.
Routine refinancing consistent with semiconductor peers maintaining flexible revolving credit for working capital and M&A.
Leverage covenant breach or event of default could accelerate obligations and cross-default other indebtedness.