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From Briefing.com: 5:11 pm ON Semiconductor finalizes pricing of new secured debt facilities (ON) :

The secured debt facilities consist of $2.2 billion of first lien term loans and a $600 million revolving credit facility. At acquisition closing, ON Semiconductor expects to draw $200 million from the revolving credit facility.

ON Semiconductor intends to use the proceeds of the secured debt facilities, together with cash-on-hand, to (i) pay the cash consideration in connection with the acquisition of Fairchild Semiconductor International, (ii) effect the repayment of any amounts under Fairchild's outstanding credit facility, as well as certain existing indebtedness of ON Semiconductor, and (iii) pay fees and expenses related to the transaction. Additionally the revolving credit facility will be used for general corporate purposes.

4:18 pm Adobe Systems beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY16 EPS above consensus, revs above consensus (ADBE) :

Reports Q1 (Feb) earnings of $0.66 per share, $0.05 better than the Capital IQ Consensus of $0.61; revenues rose 24.4% year/year to $1.38 bln vs the $1.34 bln Capital IQ Consensus.Digital Media segment revenue grew by 33 percent year-over-year to a record $932 million, with Creative revenue growing 44 percent year-over-year to a record $733 million. Strong Creative Cloud adoption drove Digital Media Annualized Recurring Revenue to $3.13 billion exiting the quarter, an increase of $246 million. Adobe Marketing Cloud achieved strong bookings growth, and record revenue of $377 million that represents year-over-year growth of 21 percent. Co issues in-line guidance for Q2, sees EPS of $0.64-0.70, excluding non-recurring items, vs. $0.65 Capital IQ Consensus Estimate; sees Q2 revs of $1.365-1.415 bln vs. $1.39 bln Capital IQ Consensus Estimate.In Digital Media, we expect to add approximately $275 million of net new Digital Media ARR during Q2, with strong year-over-year Digital Media segment revenue growth.targeting approximately 17% year-over-year Adobe Marketing Cloud revenue growth in Q2, with continued momentum in bookings.Co issues upside guidance for FY16, sees EPS of approx $2.80 (Prior approx $2.70), excluding non-recurring items, vs. $2.76 Capital IQ Consensus Estimate; sees FY16 revs of Approx $5.8 bln vs. $5.74 bln Capital IQ Consensus Estimate.
Digital Media segment revenue growth of above 20% (Prior approx 20%)
Digital Media ARR approx $4.0 bln exiting 2016 (Prior approx $3.875 bln))
Marketing Cloud revenue growth of approx 20% (Reaffirm)
Marketing Cloud bookings growth of approx 30% *Reaffirm)

Q3 Comments- in Q3 we expect a slight sequential increase in both total revenue and Digital Media ARR. We also expect Q3 Marketing Cloud revenue growth of less than 20% year-over-year due to the large amount of perpetual revenue in the year-ago quarter

Q4 Comments- In Q4 we expect seasonally strong sequential growth in both total revenue and Digital Media ARR. And we expect Q4 Marketing Cloud revenue growth greater than 20% year-over-yearThe broader market finished soundly in positive territoryamid follow through from yesterday's Fed decision and subsequent commentary.The Dow Jones Industrial Average outperformed, gaining 155.73 points (+0.90%)to 17481.40. Today's gains for the Dow pushed it into positive territory for2016, while the S&P 500 and NASDAQ Composite still remain in the red forthe year.