NEW YORK (TheStreet) -- Shares of ON Semiconductor (ON) are higher by 2.95% to $13.36 on heavy volume in early afternoon trading on Wednesday, after the company announced the pricing of its previously disclosed private offering of $600 million aggregate principal amount of 1% convertible senior notes due 2020.
ON Semiconductor is a Phoenix, AZ.-based designer, manufacturer, and marketer of a portfolio of semiconductor components used for electronic systems and products.
So far today, 24.29 million shares of ON Semiconductor have exchanged hands as compared to its average daily volume of 5.14 million shares.
The company has granted initial purchasers of the notes a 30-day option to acquire up to an additional $90 million aggregate principal amount.
The offer is expected to close on Monday, June 8.
Separately, TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ON SEMICONDUCTOR CORP (ON) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."