Date Closed

March 10, 2023

Lead Office

Toronto

Value

350.00 Million CAD

On March 10, 2023, Magna International Inc. 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 C$350 million aggregate principal amount of senior unsecured notes due 2031. The notes will bear interest at an annual rate of 4.95% and will mature on January 31, 2031.

Magna intends to use the net proceeds from this offering to finance a portion of the cost of its proposed acquisition of the Veoneer Active Safety business and to pay related fees and expenses, and for general corporate purposes, which may include the repayment of its existing indebtedness.

RBC Capital Markets, Scotiabank and TD Securities are acting as joint bookrunners for the offering.

McCarthy Tétrault advised RBC Capital Markets with a team led by Andrew Parker that included Jeremy Pleasant, Daryna Kutsyna (Business), Patrick McKay and Stefanie Morand (Tax).