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 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.