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Magna International issues $400 million in senior notes

Published 2024-03-05, 05:24 p/m
© Reuters.

AURORA, Ontario - Magna International (TSX:MG) (NYSE:MGA) Inc. (TSX: MG; NYSE: MGA), a major player in the automotive supply sector, announced today an underwriting agreement for a $400 million offering of senior unsecured notes with a 5.050% annual interest rate, maturing on March 14, 2029. The company plans to allocate the net proceeds for general corporate activities, potentially including the repayment of existing debts.

The transaction is expected to be finalized on March 14, 2024, provided it meets customary closing conditions. The notes will be available through a shelf registration statement previously filed with the SEC and related prospectus documents filed with the Ontario Securities Commission. BNP Paribas (OTC:BNPQY), BofA Securities, and Citigroup are managing the offering.

While the notes are not being publicly distributed in Canada, they will be privately placed with certain accredited Canadian investors. The offering is contingent upon a prospectus supplement and accompanying prospectus, which are accessible on the SEC website.

Magna, known for its extensive presence in the automotive industry, operates with over 179,000 employees across 342 manufacturing operations and 104 product development, engineering, and sales centers in 28 countries. The company emphasizes its role as a mobility technology entity, with a 65-year history of innovation in the transportation sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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