ON Semiconductor Draws Down $1.17 Billion From Its Revolving Credit Facility
2020年3月25日 - 5:30AM
ビジネスワイヤ(英語)
Company makes the withdrawal out of abundance
of caution to have access to sufficient liquidity in an uncertain
macroeconomic environment
ON Semiconductor Corporation (Nasdaq: ON) today announced that
it has drawn down approximately $1.17 billion from its revolving
credit facility. The company has no immediate use of the funds, and
it has made the withdrawal out of abundance of caution to have
access to sufficient liquidity in an uncertain macroeconomic
environment. With this withdrawal, the company has made full use of
its $1.97 billion revolving line of credit.
“The withdrawal of approximately $1.17 billion from our
revolving line of credit significantly enhances our liquidity
position by adding to approximately $894 million of cash on our
balance sheet at the end of the fourth quarter of 2019,” said
Bernard Gutmann, chief financial officer and executive vice
president of ON Semiconductor. “With a history of prudent and
aggressive cost management in the wake of challenging conditions,
we are very confident that ON Semiconductor should be able to
successfully weather the current macroeconomic challenges.”
About ON Semiconductor
ON Semiconductor (Nasdaq: ON) is driving energy efficient
innovations, empowering customers to reduce global energy use. The
Company is a leading supplier of semiconductor-based solutions,
offering a comprehensive portfolio of energy efficient power
management, analog, sensors, logic, timing, connectivity, discrete,
SoC and custom devices. The Company’s products help engineers solve
their unique design challenges in automotive, communications,
computing, consumer, industrial, medical, aerospace and defense
applications. ON Semiconductor operates a responsive, reliable,
world-class supply chain and quality program, a robust compliance
and ethics program and 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,” as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included or incorporated in this document could be deemed
forward-looking statements, particularly statements about the
future financial performance of ON Semiconductor, including
financial guidance for the year ending December 31, 2020.
Forward-looking statements are often characterized by the use of
words such as “believes,” “estimates,” “expects,” “projects,”
“may,” “will,” “intends,” “plans,” or “anticipates,” or by
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events to differ materially from those expressed in the
forward-looking statements. Among these factors are our revenue and
operating performance; economic conditions and markets (including
current financial conditions); risk related to changes in tariffs
or other government trade policies, including between the U.S. and
China; risks related to our ability to meet our assumptions
regarding outlook for revenue and gross margin as a percentage of
revenue; effects of exchange rate fluctuations; the cyclical nature
of the semiconductor industry; changes in demand for our products;
changes in inventories at our customers and distributors; risks
associated with restructuring actions and workforce reductions;
technological and product development risks; risks that our
products may be accused of infringing the IP rights of others;
enforcement and protection of our intellectual property rights and
related risks; risks related to the security of our information
systems and secured network; availability of raw materials,
electricity, gas, water, and other supply chain uncertainties; our
ability to effectively shift production to other facilities when
required in order to maintain supply continuity for our customers;
variable demand and the aggressive pricing environment for
semiconductor products; our ability to successfully manufacture in
increasing volumes on a cost-effective basis and with acceptable
quality for our current products; risks associated with our
acquisitions and dispositions generally, including our ability to
realize the anticipated benefits of our acquisitions and
dispositions; including our acquisition of Quantenna
Communications, Inc.; risks that acquisitions or dispositions may
disrupt our current plans and operations, the risk of unexpected
costs, charges, or expenses resulting from acquisitions or
dispositions and difficulties arising from integrating and
consolidating acquired businesses, our timely filing of financial
information with the Securities and Exchange Commission (“SEC”) for
acquired businesses, and our ability to accurately predict the
future financial performance of acquired businesses); competitor
actions, including the adverse impact of competitor product
announcements; pricing and gross profit pressures; risks associated
with the addition of Huawei Technologies Co., Ltd. and its non-U.S.
affiliates and subsidiaries, and other customers, to the U.S.
Department of Commerce, Bureau of Industry Security Entity List;
loss of key customers; order cancellations or reduced bookings;
changes in manufacturing yields; control of costs and expenses and
realization of cost savings and synergies from restructurings; the
costs to defend against or pursue litigation and the potential
significant costs associated with adverse litigation outcomes;
risks associated with decisions to expend cash reserves for various
uses in accordance with our capital allocation policy such as debt
prepayment, stock repurchases, or acquisitions rather than to
retain such cash for future needs; risks associated with our
substantial leverage and restrictive covenants in our debt
agreements that may be in place from time to time; risks associated
with our worldwide operations, including changes in trade policies,
foreign employment and labor matters associated with unions and
collective bargaining arrangements, continuing political unrest in
markets in which we do significant business, including Hong Kong,
as well as man-made and/or natural disasters, public health and
safety outbreaks affecting our operations or financial results,
including as a result of the outbreak of COVID-19; the threat or
occurrence of international armed conflict and terrorist activities
both in the United States and internationally; risks of changes in
U.S. or international tax rates or legislation; risks related to
the potential impact of climate change and regulations related
thereto on our operations; risks and costs associated with
increased and new regulation of corporate governance and disclosure
standards; risks related to new legal requirements; and risks and
expenses involving environmental or other governmental regulation.
Additional factors that could affect our future results or events
are described under Part I, Item 1A “Risk Factors” in our 2019
Annual Report on Form 10-K filed with the SEC on February 19, 2020
(our "2019 Form 10-K"), and from time-to-time in our other SEC
reports. Readers are cautioned not to place undue reliance on
forward-looking statements. We assume no obligation to update such
information, except as may be required by law.
You should carefully consider the trends, risks, and
uncertainties described in this document, our 2019 Form 10-K, and
other reports filed with or furnished to the SEC before making any
investment decision with respect to our securities. If any of these
trends, risks, or uncertainties actually occurs or continues, our
business, financial condition, or operating results could be
materially adversely affected, the trading prices of our securities
could decline, and you could lose all or part of your investment.
All forward-looking statements attributable to us or persons acting
on our behalf are expressly qualified in their entirety by this
cautionary statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005638/en/
Kris Pugsley Corporate/Media Communications ON Semiconductor
(312) 909-0661 kris.pugsley@onsemi.com
Parag Agarwal Vice President - Investor Relations &
Corporate Development ON Semiconductor (602) 244-3437
investor@onsemi.com
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