PHOENIX – ON Semiconductor, which has a Rhode Island operation, announced that it has successfully refinanced approximately $369 million of term loans under its senior secured credit facilities. As a result of the refinancing, ON expects to save approximately $3 million per year in interest costs base on the current loan balance.
“This is another step in our long-term de-leveraging strategy to reduce debt and related financing costs,” said Donald Colvin, ON senior vice president and CFO.
ON announced in early December it is phasing out manufacturing operations at its 209,000-square-foot East Greenwich facility. This will result in the loss of 330 jobs.
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ON expects to see savings of $20 million to $25 million from the move during 2005, although the company will take a charge of $15 million to $20 million in the fourth quarter of this year to pay for restructuring costs.
Ocean State Job Lot opens in New Hampshire
NORTH KINGSTOWN – Ocean State Job Lot has launched an expansion into northern New England with its first store in New Hampshire. The store, which opened in Peterborough, N.H., on Nov. 6, is housed in a former Ames department store location.
The new store employs 70 full- and part-time workers and officials say there has been a steady business since its opening.
This is the first foray for the Rhode Island retailer into northern New England. The New Hampshire store is the last of four stores to be opened this year as employment grew to 2,700.
Other stores were opened in Palmer, Mass.; Southwick, Mass.; Groton, Conn.; and New Haven, Conn.
There are 69 Ocean State Job Lot stores and company officials project 2004 sales of approximately $330 million, a 10 percent increase over 2003. The company is also building a $70 million corporate headquarters and distribution facility in North Kingstown.
