ON Semiconductor Purchases Approximately $66 Million of Its $260 Million Zero Coupon Convertible Senior Subordinated Notes

PHOENIX--(Business Wire)--
ON Semiconductor Corporation (NASDAQ: ONNN) purchases approximately $66 million
aggregate principal amount of its zero coupon convertible senior subordinated
notes at approximately 93 percent of par value using approximately $33 million
in cash and approximately 7.4 million shares of common stock.

"We continue to use the cash on our balance sheet to pro-actively reduce the
overall leverage of the company," said Donald Colvin, ON Semiconductor executive
vice president and CFO. "Since the third quarter of 2008, the company has
repurchased approximately $127 million or 49 percent of its zero coupon
convertible senior subordinated notes at an approximate average of 87 percent of
par value. We remain committed to improving the capital structure of the company
through transactions such as the repurchase of debt at a discount."

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 and plans 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 27, 2009, 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.

ON Semiconductor
Anne Spitza, 602-244-6398
Corporate Communications
anne.spitza@onsemi.com
or
Ken Rizvi, 602-244-3437
Corporate Development, Treasury & Investor Relations
ken.rizvi@onsemi.com

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