Magna Announces CAD Senior Notes Offering
May 27 2024 - 6:54PM
Magna International Inc. (TSX: MG; NYSE: MGA) today announced that
it has entered into an agency agreement providing for the issuance,
by way of private placement in each of the provinces of Canada, of
CAD$450 million aggregate principal amount of senior unsecured
notes due 2029. The notes will bear interest at an annual rate of
4.80% and will mature on May 30, 2029. The offering is expected to
close on May 30, 2024, subject to customary closing conditions.
Magna intends to use the net proceeds from this
offering for general corporate purposes, which may include the
repayment of its existing indebtedness.
RBC Capital Markets, Scotiabank, TD Securities
and CIBC Capital Markets are acting as joint bookrunners for the
offering.
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 province or
jurisdiction in which such an offer, solicitation or sale would be
unlawful. The notes have not been and will not be qualified for
distribution to the public by prospectus under the securities laws
of any province or territory of Canada and will not be registered
under the Securities Act of 1933, as amended, or any state
securities laws and will not be offered or sold in the United
States, nor will they be offered or sold in any country other than
Canada. The notes will be offered on a private placement basis in
Canada to “accredited investors” who are not individuals, unless
such individuals are also "permitted clients" under applicable
Canadian securities laws.
INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor
Relationslouis.tonelli@magna.com │ 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Vice-President, Corporate
Communications & PRtracy.fuerst@magna.com │ 248.761.7004
OUR BUSINESS1
Magna is more than one of the world’s largest
suppliers in the automotive space. We are a mobility technology
company built to innovate, with a global, entrepreneurial-minded
team of over 179,0002 employees across 343 manufacturing operations
and 105 product development, engineering and sales centres spanning
28 countries. With 65+ years of expertise, our ecosystem of
interconnected products combined with our complete vehicle
expertise uniquely positions us to advance mobility in an expanded
transportation landscape.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release
constitute "forward-looking information" or "forward-looking
statements" (collectively, "forward-looking statements"). Any such
forward-looking statements are intended to provide information
about management's current expectations and plans and may not be
appropriate for other purposes. Forward-looking statements in this
press release include, but are not limited to, the expected closing
date of the offering and the intended use of the net proceeds from
the offering and are subject to, and expressly qualified by, the
cautionary disclaimers that are set out in Magna's regulatory
filings. Please refer to Magna's most current Management's
Discussion and Analysis of Results of Operations and Financial
Position, Annual Information Form and Annual Report on Form 40-F,
as replaced or updated by any of Magna's subsequent regulatory
filings, which set out the cautionary disclaimers, including the
risk factors that could cause actual events to differ materially
from those indicated by such forward-looking statements.
_______________1 Manufacturing operations,
product development, engineering and sales centres include certain
operations accounted for under the equity method.
2 Number of employees includes over 168,000
employees at our wholly owned or controlled entities and over
11,000 employees at certain operations accounted for under the
equity method.
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