On March 7, 2023, Magna International Inc. announced the issuance of $800 million in senior unsecured notes, closing on March 21, 2023. The offering included $300 million in 5.980% senior notes due 2026 and $500 million in 5.500% senior notes due 2033. Proceeds were allocated to partially fund Magna’s $1.525 billion acquisition of the Veoneer Active Safety business and for general corporate purposes.

The offering was managed by BofA Securities, Citigroup, J.P. Morgan, BNP Paribas, RBC Capital Markets, Scotiabank, and TD Securities as joint book-running managers. Co-managers included ICBC, Loop Capital Markets, Commerzbank, HSBC, ING, Wells Fargo Securities, BMO Capital Markets, CIBC Capital Markets, and Goldman Sachs. Legal advisors for Magna included Osler, Hoskin & Harcourt LLP (Canadian law) and Sidley Austin LLP (U.S. law), while the underwriters were advised by Shearman & Sterling LLP.

This strategic financing supports Magna’s expansion into advanced driver-assistance systems (ADAS).