AURORA, Ontario, March 05, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX:MG, NYSE:MGA) today announced that it has entered into an underwriting agreement in respect of the offering of U.S.$400 million aggregate principal amount of senior unsecured notes due 2029 (the "notes"). The notes will bear interest at an annual rate of 5.050% and will mature on March 14, 2029.
Magna intends to use the net proceeds from the offering of notes for general corporate purposes, which may include the repayment of its existing indebtedness.
The offering of notes is expected to close on March 14, 2024, subject to customary closing conditions. The notes will be offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC") and a short form base shelf prospectus and prospectus supplement filed with the Ontario Securities Commission.
BNP Paribas, BofA Securities and Citigroup are acting as joint book-running managers for the offering of notes.
This release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws ...