On March 5, 2024, Magna International Inc. announced the issuance of $400 million (approximately CAD 543.6 million) in senior notes bearing a 5.050% interest rate, maturing on March 14, 2029. The proceeds were intended for general corporate purposes, potentially including debt repayment. These unsecured senior notes ranked equally with other obligations and were issued at 99.852% of face value, yielding 5.084% if held to maturity. Interest payments were scheduled semi-annually, beginning September 14, 2024. The notes included optional redemption provisions, allowing Magna to repurchase them under specified conditions, such as a change of control.

Legal matters for Magna were handled by Osler, Hoskin & Harcourt LLP in Toronto for Canadian federal and Ontario laws, and Sidley Austin LLP in New York for the validity of the notes. The underwriters, led by BofA Securities, Citigroup, and BNP Paribas, were represented by Shearman & Sterling LLP on U.S. legal matters. Additional underwriters included RBC Capital Markets, Scotia Capital, TD Securities, CIBC Capital Markets, Commerzbank, ING, Loop Capital Markets, Goldman Sachs, HSBC, ICBC, J.P. Morgan, Wells Fargo Securities, and Raiffeisen Bank International.