ON Semiconductor is boosting its purchase price of Sanyo Semiconductor, according to a Securities and Exchange Commission filing.

The deal was originally announced in July, when ON Semiconductor agreed to buy Sanyo Semiconductor for $366 million. Sanyo Electric, which owns Sanyo Semiconductor, was to get $129 million in cash and approximately $238 million worth of ON Semiconductor stock, expected to equal approximately 7 to 8 percent of ON Semiconductor's shares. ON was also to assume $100 million in debt from Sanyo.

The filing says the acquisition will now be for a total of $502 million. Rather than using stock, ON Semiconductor plans to take out a loan from Sanyo Semiconductor's parent for approximately $365 million. ON Semiconductor will also not be assuming the Sanyo debt. The rest of the purchase price will be in cash.

The loan has a seven year term and an interest rate of 3-month U.S. Dollar LIBOR plus 1.75 percent per year, or about 2.03 percent for the week ending Nov. 23.

ON Semiconductor Spokesman Sloan Boss said the changes were made because stockholders had said they didn't want the company to issue more shares, diluting their ownership. Another factor was the debt; the original Sanyo debts would have had to be paid in about 15 months. But the new loan will be paid over a longer period and at a lower interest rate. Since ON Semiconductor won't be assuming any debt from Sanyo it increased the cash offer, he added.

ON Semiconductor's stock price is up 15 percent since the deal was announced. Sanyo Electric's American depositary receipts are up 23 percent over the same period. The two stocks closed Monday at $8.12 and $8.04, respectively.