Magna International entered into agreement providing issuance of C$450M senior unsecured notes
On May 27, 2024, Magna International Inc. announced the issuance, by way of private placement in each of the provinces of Canada, of C$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. 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 acted as joint bookrunners for the offering.
McCarthy Tétrault advised the joint bookrunners and broader dealer syndicate with a team led by Andrew Parker that included Jeremy Pleasant, Daryna Kutsyna, Dan Schechner and Spencer Baron (Business).
